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ABSTRACT
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.
Acknowledgements
The paper arises from a joint effort of the Authors. Nevertheless, A. Galati wrote the section ‘Conclusions’, jointly with S. Tinervia the section ‘Literature review’ and jointly with A. Abbruzzo the section ‘Materials and Methods’. M. Crescimanno drafted the section ‘Introduction’ and jointly with S. Chironi the section ‘Results and discussion’. Data were collected by S. Tinervia.
Disclosure statement
No potential conflict of interest was reported by the authors.