The market for wine quality evaluation: evolution and future perspectives
No 321855, Working Papers from American Association of Wine Economists
Most economic studies on expert wine evaluation focus on this evaluation as a determinant of wine prices, whereas most management research on the topic tackles its impact on the perception of wine quality: wine consumers use expert evaluation as an external quality cue. In the present research, we intend to fill the gap in valuation studies. We propose a first extensive exploration and categorization of five decades of research on wine quality signaling and evaluation through market analysis. We review the emergence and evolution of a consumer- oriented wine evaluation market, providing a critical account of demand, and unveil the market structure and mechanisms. The parallel development of scientific knowledge and technical practices over the last few decades has had a significant impact on wine quality definition and evaluation. It also influenced the way consumers obtain information about wine quality. We provide a historical perspective, exploring the emergence and standardization of wine quality evaluation and identifying the 1970s as the turning point from a production-driven market to a consumer-oriented one. Important changes are afoot on the market for wine evaluation: in areas traditionally set aside for experts, the roles of social media and experts have evolved meaningfully over the past decade with the growing self-confidence and self-reliance of wine consumers and the disappearance of the demarcation between marketplace and prescription.
Keywords: Marketing; Agribusiness (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-agr, nep-cul, nep-his and nep-mkt
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aawewp:321855
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