Critical Analysis on Diffusion of Innovations and Consumer Psychology with reference to Consumer Satisfaction for Lifestyle Products in India

Abstract

The study makes an attempt to analyse the diffusion of Product Innovation among the Indian Consumers with respect to Lifestyle Products in India and the Satisfaction among the consumers accrued thereupon. It has choses six product categories and focused on the 4 possible drivers of adoption of a new product among consumers. It has revealed that food products have been mostly sensitive to price rather than their benefit. Clothing is mainly chosen by the consumers based on Community Influence, whereas the healthy products appeal more due to their perceived benefit among consumers. Electronics goods catch market out of advertising strategy and prices whereas Fintech innovations disseminates from the utility perception of the consumers. However, not all the product categories with high acceptances entail higher satisfaction among the consumers. In fact, a negative correlation is found between the product acceptance and level of Satisfaction.