Accounting for social taste: application to the demand for wine

Accounting for social taste: application to the demand for wine Purpose – The purpose of this paper is to put forward the hypothesis that the demand for wine can be partly explained by social phenomena. Design/methodology/approach – A general framework considers social phenomena. A literature review in the domain of wine shows that these aspects may constitute an interesting line of study in order to explain the demand for wine. This paper proposes an original model taking into account phenomena of imitation or phenomena of opposition between different social groups, in order to explain changes in the demand for wine. The paper shows the existence or the absence of stable equilibriums Findings – The proposed model is applied here to three different products conveying a strong social dimension (in the domain of Wine) but it could surely be applied to other goods (luxury goods, fashion, cars, etc). Amplifying this work will consist in characterizing the conditions for the existence of stable points in the model according to the social and idiosyncratic parameters of the system. Originality/value – This original approach of the demand for wine has important managerial implications. The paper suggests, in fact, a price strategy based on the rate of buyers observed in different social groups. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Wine Business Research Emerald Publishing

Accounting for social taste: application to the demand for wine

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Publisher
Emerald Publishing
Copyright
Copyright © 2008 Emerald Group Publishing Limited. All rights reserved.
ISSN
1751-1062
DOI
10.1108/17511060810901064
Publisher site
See Article on Publisher Site

Abstract

Purpose – The purpose of this paper is to put forward the hypothesis that the demand for wine can be partly explained by social phenomena. Design/methodology/approach – A general framework considers social phenomena. A literature review in the domain of wine shows that these aspects may constitute an interesting line of study in order to explain the demand for wine. This paper proposes an original model taking into account phenomena of imitation or phenomena of opposition between different social groups, in order to explain changes in the demand for wine. The paper shows the existence or the absence of stable equilibriums Findings – The proposed model is applied here to three different products conveying a strong social dimension (in the domain of Wine) but it could surely be applied to other goods (luxury goods, fashion, cars, etc). Amplifying this work will consist in characterizing the conditions for the existence of stable points in the model according to the social and idiosyncratic parameters of the system. Originality/value – This original approach of the demand for wine has important managerial implications. The paper suggests, in fact, a price strategy based on the rate of buyers observed in different social groups.

Journal

International Journal of Wine Business ResearchEmerald Publishing

Published: Aug 22, 2008

Keywords: Wines; Consumer behavior; Social status; Social interaction

References

  • Beyond homo economicus: new developments in theories of social norms.
    Anderson, E.
  • Estimation of a hedonic price equation for Bordeaux wine: does quality matter?
    Combris, P.; Lecocq, S.; Visser, M.
  • The psychology of status
    Herbert, H.H.
  • Further evidence on the consumer involvement profile: five antecedents of involvement
    Kapferer, J.N.; Laurent, G.
  • Impact of the information provided to consumers on their willingness to pay for Champagne: comparison with hedonic scores
    Lange, C.

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