Abstract
This paper analyzes whether the perception of traditional wine brings value to millennials. Based on survey data and experimental auctions (165 participants), this study identifies the main factors affecting this consumer groups’ willingness to pay for traditional wine through a Tobit model methodology. The results suggest that millennials are willing to pay a higher price depending on demographic factors such as monthly disposable income, on wine involvement variables such as consumption frequency, and on nourishing and health aspects and product availability at points of sale, both of which are wine purchase decision criteria. The investigation has significant marketing and policy implications.
Highlights
Traditional food products have been described as those produced with assured authentic receipt, raw material, and production processes and that have been commercially available for over 50 years [1]
Traditional winemaking is often linked to a wine produced in limited quantities using autochthonous grape varieties with minimal chemical-physical and technological intervention methods and using techniques of processing and conservation consolidated by time, in opposition to more modern, standardized, commercially oriented and large-scale wine production [2,3]
The main aim of this study is to analyze whether the concept of traditional wine brings value to millennial university students
Summary
Traditional food products have been described as those produced with assured authentic receipt, raw material, and production processes and that have been commercially available for over 50 years [1]. The main regulations and certifications have been pushed to respond to the dynamics of the international wine industry market In this regard, a trade-off arises between the forces that lead to the standardization of productions and those in favor of maintaining the traditions and preserving the ties with the territory and the reflection of its unique characteristics on a specific wine [17]. Organic production is a reactive movement looking for ecological alternatives to conventional producing systems, generated by modern consumption patterns [22] To certify their wines as organic, companies not just have to respect the ecological procedures of organic farming (e.g., avoid synthetic chemicals) and regard the established rules on the use of certain products or practices during the oenological process [23]. The responses to attend to market demands and international dynamics moved the production of most wines away from the features of traditional wines [24]
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