Definition of 'Consumer Reports'
An evaluation of a new product, or a comparison between products, that is released by the American magazine, Consumer Reports. The publication is produced by nonprofit organization Consumers Union every month, and its buying guides, tests, evaluations and comparisons are all based on the magazine's own in-house testing.
Investopedia explains 'Consumer Reports'
Consumer Reports tests anything from tech products to automobiles to food, and prides itself on being objective. The magazine allows no outside advertising and has a strict no-commercial-use policy.
Consumer Reports has a long history dating back to 1936 when it was called Consumer's Union Reports; its first issue had reports on milk, cereal, soap and stockings. The magazine gave recommendations on which products to buy, and which were not acceptable. Consumer Reports' mission statement states that it started as a way to protect consumers at a time when advertising was first saturating mass media.