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Keywords = on-premise wine market

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20 pages, 2211 KB  
Article
Effect of Online Collective Intelligence in Wine Industry: Focus on Correlation between Wine Quality Ratings and On-Premise Prices
by Young-Sik Kwak, Yoon-Jung Nam and Jae-Won Hong
Sustainability 2021, 13(14), 8001; https://doi.org/10.3390/su13148001 - 17 Jul 2021
Cited by 4 | Viewed by 3187
Abstract
This study aims to explore whether wine CI (Collective Intelligence) platforms, such as Wine Spectator and Wine Enthusiast, can provide a wine rating effect on price, as Robert Parker’s does in the Korean wine market. To achieve the purpose of the study, we [...] Read more.
This study aims to explore whether wine CI (Collective Intelligence) platforms, such as Wine Spectator and Wine Enthusiast, can provide a wine rating effect on price, as Robert Parker’s does in the Korean wine market. To achieve the purpose of the study, we collected information with wine evaluation ratings and on-premise prices from three wine evaluation sites and seven restaurants in South Korea. The researchers calculated the Pearson’s rho between the wine evaluation ratings and on-premise prices based on country, region, vintage, and type of wine. Based on the results of the study, the CI of wine ratings shows statistically the same association degree to price as wine guru Robert Parker’s score. This study can academically extend the research of CI’s application in the wine industry and provide strong support for a sustainable e-business model and pricing tactics in the wine industry. Full article
(This article belongs to the Special Issue 4th Industrial Revolution and New Trends in Service Industry)
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