Innovation compels consumers to make purchases. In fact, 8 in 10 of consumers (84%) reported that it is somewhat or very important that they buy from innovative companies’ reports Lab42’s Innovation Study.
Further, just more than half of respondents (51%) reported that they bought a product without fully understanding how it works or what it did because they felt or heard it was “cool.” Consumers care about owning products that give them the appearance of being innovative.
Consumers are willing to pay a premium for innovation across many categories: electronics 83%, automotive 75%, restaurants 71%, clothing/retail 70% and grocery store items 67%.
Not all consumers want to serve as a guinea pig in the marketplace. Only 2 in 10 respondents (21%) reported buying new products as soon as they come out while 63% prefer to buy a new product once it’s been out for a while.
The Innovation Study was conducted among 1,000 consumers in April 2015.