Consumers' willingness to buy innovative traditional food products: The case of extra-virgin olive oil extracted by ultrasound

Abstract

Innovation is fundamental for all agri-food companies to increase competitiveness, however the industrial process of extra virgin olive oil (EVOO) has changed very little over the last few decades. As it is a traditional food product (TFP), the main obstacle to innovation is precisely its traditional nature. According to the literature, any innovation regarding TFPs should be considered in terms of the specific product, and market success mainly depends upon the perceptions and traits of consumers. The present study evaluated the willingness of consumers to buy an innovative EVOO obtained by ultrasound extraction (ultrasonic EVOO) through an ordered logit model. The sample was composed by 961 EVOO consumers. The average age of respondents was 39 and the majority were female (55.4%). At first, the respondents reacted almost equally to the idea of buying ultrasonic EVOO, with 49% of the sample stating they were not willing to buy the product and 51% stating that they were willing to. The major insight from our study is that consumers who are the most willing to buy the product are those who formed a positive quality perception after being introduced to the key characteristics of the new product. In addition, the willingness to buy seems to be higher for consumers who prefer EVOO with a fruity flavour and without a sweet taste, for consumers who attach great importance to the taste of food and with a higher than average educational level. This predominant role of consumers' perception in the case of innovative TFPs should, thus, be researched further.

Keywords: Consumers' willingness to buy; Extra virgin olive oil; Innovation in tradition; Traditional food product; Ultrasound.