9/12/16 · Economics and Business Studies

The growth of neophilia: the obsession with buying the latest in technology

Next Wednesday Apple presents its new product, the iPhone 7. For many people this is one of this year's big events. As usual with each new launch, around the world long queues of people will wait for hours or even days outside the company's stores to be the first to buy the new phone. The previous model beat sales records. During the first weekend alone, sales surpassed 13 million units. Those capable of waiting for hours and hours include the technology neophiles, individuals obsessed with "buying the latest novelty". The group, which has grown in recent years, already accounts for 16% of consumers. For the brands this type of consumer is a perfect target and a barometer to measure the success or failure of their product.
Photo: Flickr / Newtown grafitti (CC)

Photo: Flickr / Newtown grafitti (CC)

"Neophiles have an unhealthy obsession with possessing what is new, even if the product is in an early development phase and is not reliable", explains Neus Soler, professor of Economics and Business at the Universitat Oberta de Catalunya (UOC). "They are buyers who are very loyal to the brand and feel a constant need for change".

According to Soler, they quickly adopt the new products and cause media fuss because they monitor the launch cycles of the new models. In fact, they force brands to launch new devices or provide constant improvements to have new experiences. They are called "novelty seekers" or early adopters.


A convinced neophile means guaranteed success

"They are opinion leaders, technology influencers, with a highly critical spirit that they also share publicly, which marks the product's success", argues Soler. Companies highly value their opinion: they act as testers, provide feedback and make suggestions to improve the product. According to Nielsen consulting, identifying this group is a key factor for the survival of a new product.

"Their power of conviction is so high that they are capable of convincing other types of buyers: Those who prioritize the robustness, quality and reliability of the product", explains Soler. They form two large groups: "The late adopters", who prefer to purchase the product after a time, and the "late majority", more conservative customers with high risk aversion, who will put off the purchase until they are completely sure of the product's reliability. These two groups account for 68% of the market.


Definition of the "neophile" consumer

They are usually men and have a high socioeconomic level. "All neophiles are early adopters, but not all early adopters are neophiles", this expert points out. Some of the features that identify technology neophiles are the following:

  • They test the product and discuss its qualities; they usually actively take part in opinion forums of brands and new models.
  • They consume products that bring them a social or economic advantage in relation to other consumers. They seek to differentiate themselves with consumption and build up their social prestige.
  • They are interested in being trendsetters.
  • They are prepared to pay more to be the first; they are willing to pay a higher price to have the product before.

Neophiles or early adopters don't know what having an obsolete device means. But what pushes them towards this need for change? "Marketing influences the consumers' purchasing decision while creating new needs in them when using the products". Consumption brings "social prestige" and, therefore, the consumer requires brands to fulfil this need.

Experts UOC

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