Which consumer group is typically price-sensitive and prefers older product versions?

The consumer group that is typically price-sensitive and prefers older product versions is indeed the laggards. Laggards are characterized by their resistance to change and a preference for traditional products, often opting for established versions rather than the latest innovations. This group tends to prioritize cost-effectiveness and reliability over being at the forefront of technology or trends.

As a result, laggards are likely to wait until products are significantly discounted before making a purchase, reflecting their price sensitivity. They generally adopt new products only after the majority of the population has already embraced them, often showing little interest in the latest features or advancements, which further reinforces their preference for older versions that are typically more affordable.