Taste and Visual Influences on Hispanic Consumers' Preferences and Willingness-to-Pay for Pasture-Fed Beef
Experimental Economics methods are used to determine Hispanic consumers’ sensory acceptance of pasture-fed beef and evaluate visual and taste influences on their overall preferences and willingness-to-pay (WTP). Two hundred and thirty-one Hispanic consumers in four experimental sites in Virginia participated in a laboratory experimental procedure where they visually examined and tasted pasture-fed and conventionally produced grain-fed beef, and then participated in a non-hypothetical Multiple Price Lists (MPL) experiment to determine their WTP. Hispanic consumers perceived significant differences between pasture-fed and grain-fed beef’s appearance and taste. Visual and taste acceptances are closely correlated to and significantly influence overall preferences. More than fifty percent of Hispanic consumers prefer pasture-fed beef and the majority of them consistently are willing to pay a price premium. Approximately, half consumers who generally prefer pasture-fed beef consistently consider the appearance and taste of pasture-fed beef more favorable but another half of them indicated discrepant visual and taste acceptances. Nevertheless, this inconsistency doesn’t lead to a lower WTP for pasture-fed beef.
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