Evaluating willingness-to-pay for bison attributes: An experimental auction approach

Domestic bison herds in Canada and the United States have grown rapidly over the past decade. For this growth to be sustainable, viable markets for bison meat products are necessary. Bison products are available at the retail level to only a limited extent in some localized markets. Very little is known about consumer preferences for bison in Canada. A consumer research study was conducted across five Canadian locations. An experimental auction was used to evaluate willingness-to-pay (WTP) for bison versus beef, plus the marginal WTP for bison with additional health-related attributes. Bison products verified to be lower in fat than beef, and bison verified to have been produced without the use of growth hormones were evaluated. Results suggest that there was no significant WTP for bison over beef, either with or without the additional quality assurances. Delivering a positive eating experience to consumers was more important than the health-related attributes per se. Distinct market segments with significantly different WTP for bison are identified. Some regional differences are also apparent. The industry cannot rely solely on the touted health benefits of bison to deliver a competitive advantage over beef. While some consumers may be willing to pay more for these health-related attributes, consumers in general are unlikely to compromise eating experience.