Consumer preferences for nanotechnology products

Abstract

Abstract Supply side : Nanotechnology is not a fuzzy technology that is far off into the further. It has well and truly arrived on the global scene and applications of this amazing technology are visible today around us. The clothing industry for example is starting to experience the applications of nano tech, Nano particles are currently being used to create stain repellant khakis (Nanotechnology Now , n.d.) Nano filters are under study for possible application in sterilizing drinking water . Yet another application involves liquefying coal and turning it into gas an application which could have far reaching effects on the imported oil dependence of several countries . Several of these applications will affect our day to day life in fact nanotech applications could possibly find their way into our food chain. Obviously the supply side of nanotech shows an extremely exciting picture. Demand side: We feel that although the supply side of nanotechnology has been studied and explored the demand side of the story is yet to be told. The consumers take on nanotech his\her perception of the technology and its applications his\her apprehensions (if any) about it and his\her willingness to accept products that have nanotech embedded in some or the other from inside them is still a gray area and one that interests us . One may argue on the basis of common perception that consumers may not be concerned about the advent of nanotechnology since it is not something like Genetic Modification (GM) where genetic modifications or organic retrofitting takes place. However nanotech related food processing food engineering and packaging are in the innovation pipeline of the food industry (Nanotechnology targets ) Nanotech also offers the possibility of applications in medicine surgery etc. Hence there are bound to be debate regarding this technology especially concerns about environment safety and especially in India possible religious and social reservations This study tries to understand nanotechnology from the Indian consumers perspective.