Australian consumers' willingness to pay and willingness to purchase a hypothetical lower cholesterol pork product
This study investigated whether there would be an increase in consumer willingness to pay and purchase if reduced cholesterol pork was introduced to the Australian market. A stated choice analysis was used, with the following questions addressed. How are current purchases of fresh pork affected by concerns about cholesterol content? What financial premium, if any, would consumers place on reduced cholesterol pork? Would consumers buy more pork if a low cholesterol option were available? Is there a group of consumers, such as those with high cholesterol, who have an increased willingness to pay for or purchase reduced cholesterol pork when compared to consumers without this health problem? Results from this study indicated that at present the majority of consumers are relatively unconcerned about the cholesterol content of fresh pork and that there is a minimal effect of such concerns on fresh pork purchases. The results also predicted a significant financial premium for the reduced cholesterol product at the retail level, with increased willingness to pay for and consume reduced cholesterol pork by the average pork consuming family. However, as these results are the product of a stated choice analysis and not a revealed preference study, and therefore simply reasonable expectations, it is likely that the reported increase in demand in both quantity and price by potential consumers is overstated to some extent.
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