Consumers’ willingness-to-pay for newly developed U.S. farm-raised convenient catfish products: A consumer-based survey study

Abstract

Abstract Accurately measuring willingness-to-pay (WTP) for newly developed food products is critical for academicians and marketing managers. This study measures consumers’ preference and WTP for five newly developed convenient (ready-to-cook) catfish products by surveying 128 participants from Arkansas and Florida. An ordered probit model was applied to survey data to investigate factors influencing consumers’ WTP. Results indicated that the surveyed participants preferred all the inspected products as their WTP was ranged between average and high. The significant variables affecting the participants’ WTP include product appearance, eagerness to buy, preference ranking, preferred form, and consumption pattern. The consumer’s WTP was significantly correlated with the participant’s gender, age, race, and for some groups, income.