Abstract
PurposeArt-infusion has become a common practice among brands across the globe. This is because marketers leverage the uniqueness and prestige of arts to earn superior profits. Hence, this research aims to understand and measure consumers' willingness to pay (WTP) for art-infused products.Design/methodology/approachA questionnaire was designed based on conjoint analysis and was responded to by 470 respondents from India. The estimation of preference functions in conjoint analysis was intended to use orthogonal arrays to measure WTP.FindingsThe study reveals consumers' utility and WTP for different art-infused products. The results indicated that consumers have the highest WTP for products that have artwork dominated by the visual elements of colour, shapes and space.Practical implicationsThe paper presents valuable findings for marketers to develop their product design and earn superior profits.Originality/valueThis is the first study in the domain of the art infusion phenomenon that measures WTP for non-luxury art-infused products. Also, this is the first study to measure WTP for different kinds of art forms.
Subject
Marketing,Strategy and Management,Economics, Econometrics and Finance (miscellaneous),Geography, Planning and Development,Cultural Studies,Business and International Management
Reference32 articles.
1. Form and colour—two basic elements of design,2017
2. Bartel, M. (2012), “Principles of design and composition. In Some ideas about composition and design. Elements, principles, and visual effects”, available at: https://www.goshen.edu/art/ed/Compose.htm#principles
3. Do hypothetical and actual marginal WTP differ in choice experiments?: application to the valuation of the environment;Journal of Environment Economy Management,2001
4. Exploring passenger preferences in airline service attributes: a note;Journal of Air Transport Management,2009