A Study of Factors of Willingness to Pay for Chocolate

Student: Elizaveta Kuzmicheva

Faculty: Faculty of Management

Educational Programme: Economics (Bachelor)

Year of Graduation: 2024

This paper studies the factors that influence consumers’ willingness to pay (WTP) for dark chocolate. Using a neuroeconomic approach and analyzing data on taste, gender, age, brain activity, and health consciousness, five hypotheses were proposed and tested. The results confirm the pivotal role of chocolate taste in determining consumers’ WTP for dark chocolate. Males exhibited a higher WTP for chocolate compared to females. Activity in the prefrontal cortex was also positively associated with WTP for chocolate. Particular attention was paid to the effect of health consciousness on WTP for dark chocolate. Individuals who exhibited high health consciousness were more willing to pay a premium for a product with perceived health benefits. The results of this study can be used to develop effective marketing strategies and product offerings in the marketplace.

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