Willingness to Pay for Soy Milk in Muslim Farming Communities in Southern Thailand
Keywords:
Willingness to pay, Soy milk, Purchase decisionAbstract
The objectives of this research were to study price and factors influencing the parents of farmer households’ readiness to purchase soy milk. 400 examples of the data collection in the province of Narathiwat based on the concept of Contingent Valuation Meth in Double Bounded CVM model in combination with Multinomial Logit Models. The result revealed that for 300 ml of soy milk, parents who were prepared to spend more would need to add 3.15 Baht. At a 95% confidence level, there were five factors influenced parents’ willingness to pay per 300 ml of soy milk: 1) number of children in the family, 2) education level, 3) household income, 4) price, and 5) marketing communications. There was a positive relationship with purchasing decisions. According to this study, soy milk may be successfully marketed to Muslims. Islamic parents were prepared to pay for messages received via various social media because they had an impact on their decision-making.
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