Awareness and willingness to pay for herbal products among young consumers in Punjab

Pooja Kansra and Amiya Abdul Khadar

International Journal of Business and Globalisation, 2022, vol. 32, issue 1, 7-17

Abstract: Herbal products play a major role in food supplements and personal care. Herbal products have become a promising industry with a huge growth potential. The present study examines the awareness and willingness of the young consumers towards the herbal products. A structured questionnaire-based survey was performed in the state of Punjab, with a multi-stage stratified random sample of 400 respondents. It was estimated that 78% of the respondents were aware of the herbal products and 68% were willing to pay for the herbal products. Logit regression revealed that income, education, age, occupation, awareness of herbal products, price and reputation of the company were the significant determinants of willingness to pay. The present study will help the producer or suppliers of herbal products to design appropriate strategies to bring new customers and to retain the existing customers.

Keywords: awareness; determinants; health benefits; herbal products; logit regression; product price; promotion; purchase intention; reputation; willingness to pay; young. (search for similar items in EconPapers)
Date: 2022
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