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Author ORCID Identifier
0009-0007-0114-6801
Date Available
8-5-2027
Year of Publication
2026
Document Type
Thesis
Degree Name
Master of Science (MS)
College
Agriculture, Food and Environment
Department/School/Program
Agricultural Economics
Faculty
Yuqing Zheng
Yoko Kusunose
Abstract
This thesis examines how different product characteristics are associated with whiskey prices in the U.S. market. Whiskey is not a uniform product. Consumers usually evaluate it through a combination of visible and less visible characteristics, such as alcohol content, age, brand name, whiskey type, product claims, launch type, and market location. The study uses product-level data from the Mintel Global New Products Database. The main dataset includes 1,227 whiskey product observations recorded between 2010 and 2025. A separate age-statement subsample is also used because age information is available only for a smaller group of products. A hedonic pricing model with fixed effects is applied, using the log of price per mL as the dependent variable. The results show that alcohol content has a positive relationship with whiskey prices. Whiskey type also plays an important role, with several categories receiving price premiums relative to Bourbon. Product claims such as single barrel and small batch are positively associated with price, suggesting that consumers value signals of craftsmanship, scarcity, and product differentiation. In the age-statement model, age has a positive and statistically significant effect, confirming that consumers value maturation. Some launch type variables, especially new packaging and new variety/range extension, are associated with lower prices compared with new product launches. Overall, the findings show that whiskey prices are shaped by both the physical characteristics of the product and the market signals attached to it. The results suggest that consumers do not value whiskey only as an alcoholic beverage, but also as a differentiated product with identity, reputation, scarcity, and quality signals. This thesis contributes to the limited hedonic pricing literature on whiskey by providing product-level evidence from the U.S. market and by showing how observable whiskey attributes are linked with price variation.
Digital Object Identifier (DOI)
https://doi.org/10.13023/etd.2026.414
Archival?
Archival
Recommended Citation
Dissanayaka, Muditha, "HEDONIC PRICING OF WHISKEY IN THE UNITED STATES
EVIDENCE FROM PRODUCT ATTRIBUTES AND LABELING CHARACTERISTICS" (2026). University of Kentucky Master's Theses. 667.
https://uknowledge.uky.edu/gradschool_theses/667
