Abstract

Consumerism is a term that has undergone variety of changes in its meanings. There are a lot of overlapping and contradictions in its usage and interaction with innovation. The aim of the article is to explore consumerism as a source of innovation by doing a literature review. The diversity of meanings as well as the common features and the differences in their manifestation in the various parts of the world is the basis for exploring consumerism as a reason for innovation and product development from three major aspects: (i) consumerism as a driver of economic growth; (ii) consumerism as protection of consumer rights; and (iii) consumerism as customers’empowerment. The diverse concepts of consumerism determine a variety of effects on innovation and new product development in the companies. They can be summarized as a constant search for co-created sustainable and shared value innovations.