Millennials’ willingness to pay for green restaurants |
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| Institution: | 1. Howard Feiertag Department of Hospitality and Tourism Management, Pamplin College of Business, Virginia Tech, Blacksburg, VA 24061, USA;2. School of Management and Business, Universidad del Rosario, Calle 12C Nº 6-25, Bogotá D.C., Colombia;3. School of Tourism and Hospitality Management HTSI, Ramon Llull University, 40-42 Marqués de Mulhacén, 08034, Barcelona, Spain;1. Department of Apparel, Events, and Hospitality Management, Iowa State University, Room 1084C, LeBaron Hall, 2302 Osborn Drive, Ames, IA 50011-1078, USA;2. School of Hospitality and Tourism Management, Purdue University, Room 245, Marriott Hall, 900 W. State Street, West Lafayette, IN 47907-2115, USA;1. Hospitality Management Program, Peter T. Paul College of Business and Economics, University of New Hampshire, Durham, NH 03824, United States;2. Department of Marketing, Florida Atlantic University,777 Glades Road, Boca Raton, FL 33431, United States;3. Department of Human Sciences, The Ohio State University,1787 Neil Avenue, Columbus, OH 43210, United States;1. Department of Retailing, University of South Carolina, Columbia, SC 29208, United States;2. School of Hotel, Restaurant and Tourism Management, University of South Carolina, Columbia, SC 29208, United States |
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| Abstract: | The hospitality industry is currently witnessing an increase in the number of restaurant companies with sustainable business models. This research explores the determinant factors of millennials’ willingness to pay (WTP) by looking at the qualitative decision of whether to pay more and the quantitative decision of how much extra to pay. While literature has investigated the factors that lead people to choose green restaurants, no analysis that simultaneously considers the qualitative and quantitative decisions has been conducted for the millennial generation. This study fills this gap by estimating the Heckit model, which (1) allows us to simultaneously model both decisions and detect their determinants—“green consumerism,” “health consciousness,” “income,” and two psychographics (“green restaurant preference” and “predisposition to make an effort in terms of time and distance”)—and (2) permits the control of sample selections bias, which turns out to be a critical issue in this research. |
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| Keywords: | Green restaurants Willingness to pay Green consumerism Health consciousness Social media Heckit model |
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