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Abstract
This study analyzes the marginal willingness to pay for attributes influencing consumer trust and purchasing decisions regarding products whose quality is only determinable post-purchase. Six attributes were examined: price, number of reviews, star rating, review type (text, picture, video), text review length, and shopping platform. A conjoint survey, categorizing brands as famous or nonfamous, was analyzed using a multinomial logit model. Results show consumers prioritize high star ratings, numerous reviews, and trustworthy platforms, even at higher prices. Nonfamous brands necessitate higher willingness to pay across all attributes.
Publisher
Humanities and Social Sciences Communications
Published On
Nov 01, 2023
Authors
Eunsuk Sung, Won Young Chung, Daeho Lee
Tags
consumer trust
purchasing decisions
product attributes
conjoint survey
willingness to pay
brand recognition

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