6533b82efe1ef96bd1293c71
RESEARCH PRODUCT
The premium price for Italian red wines in new world wine consuming countries: the case of the Russian market
Salvatore TinerviaAntonino AbbruzzoMaria CrescimannoAntonino GalatiStefania Chironisubject
WineVintageEstimationConsumption (economics)media_common.quotation_subject05 social sciencesItalian winereputationHorticulturesearch attribute0502 economics and businessWorld marketSettore AGR/01 - Economia Ed Estimo RuraleEconomicsHedonic modelQuality (business)050202 agricultural economics & policy050207 economicsMarketingMarket valuehedonic model; Italian wine; reputation; search attributes; Food Science; Horticulturemedia_commonReputationFood Sciencedescription
Italian wine is increasingly appreciated in new world consumer countries and, in particular, in Russia where consumers associate its consumption with an Italian lifestyle. In this paper, market value for wine search attributes is measured through the estimation of a hedonic price model using online data from a Wine Searcher website and the information contained in the labels of wines marketed in Russia. Results show a premium price for wines from Piedmont and Tuscany, and in particular for non-native varieties and for Indicazione Geografica Tipica and Protected Geographical Indication wines. Additionally, vintage and higher alcohol content have a significant positive impact on the prices that consumers are willing to pay for wines. The knowledge of the implicit price of wine quality attributes has important implication for producers to aid in the adoption of effective marketing strategies, and for decision-makers for the adoption of effective measures to improve regional competitiveness in the world market.
| year | journal | country | edition | language |
|---|---|---|---|---|
| 2017-05-08 |