Young Consumers’ Price Perceptions in Purchasing Foods: Evidence from Greece

Abstract

The recent consecutive economic and social crises impose sustainable “from farm to fork” food chain management to feed the global population. In this study, we investigated the price perceptions of young consumers (Gen Z) in purchasing foods in Greece to find out the determinants ensuring sustainable, future food consumption. We used eight overall price perception determinants, five with negative roles, namely value and price consciousness, coupon and sales proneness, and price mavenism, and three with positive roles, namely price–quality, price–value, and prestige–sensitivity for the formation of the study’s questionnaire. A total of 514 students (Gen Z, 85%) answered the questionnaire, promoted through the Google platform during September and October 2023. The data were analyzed with statistical tools, combining cross and chi-square tests. Between the negative determinants, the “value consciousness” price perceptions (71.02%) were the most important parameters in purchasing food, followed by “price consciousness” (55.02%) parameters. “Coupon proneness”, 48.4%, and “sales proneness”, 49%, were equally lower, while “price mavenism” parameters were minimally preferred by only 26.4% of the participants. Participants exhibited a major preference for the “value to price” interconnection (66.7%), such as good value for money, value exceeding a product’s price, and overvalued low-priced foods, while their preference for the “quality to price” interconnection was significantly lower (48.8%), such as in terms of getting what you pay for, more money for better quality, and priced, quality foods. The “prestige–sensitivity” price perception was outside of their preferences in terms of food purchasing (only 7.1%). Our findings indicate that young consumers (Gen Z) pay more attention to the values of negative and positive parameters concerning price perceptions when purchasing food rather than quality, coupons and sales, low prices, and mavenism, or even the prestige of the foods. This means that value issues such as the perceived environmental impact (green value), the climate crisis, the social signaling potential, and others are significant concerns, including their price perceptions for food purchases.