Impact of Income and Different Generation Cohorts on Nursery Products and Landscaping Project Spending
Michael Wohlgenant () and
Charles D. Safley
Journal of Agricultural and Applied Economics, 2013, vol. 45, issue 1, 13
Socioeconomic factors influencing consumer demand for nursery products and landscape projects were investigated using consumer survey data collected from North Carolina in 2008. Tobit models were estimated for censored dependent variables, budget expenditure shares on nursery products, and landscape spending. The most significant factors influencing the share of income spent on nursery products were age and household income. The elderly and baby boomers tend to spend less on bedding plants, perennials, and outdoor hardscapes than Generations X and Y. The income elasticities suggest that the amount spent on outdoor living projects is sensitive to changes in household income, whereas spending in vegetable plants and chemicals is less responsive to income.
Keywords: Marketing (search for similar items in EconPapers)
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Journal Article: Impact of Income and Different Generation Cohorts on Nursery Products and Landscaping Project Spending (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:joaaec:143662
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