Examination of the factors influencing the price of bottled Tokaj wines

Abstract

Our research seeks to identify the factors, considerations, and processes that shape the pricing of wines in general, and specifically that of quality and premium Tokaj wines bearing geographical indications. We undertook this study with the aim of contributing insights to the marketing and pricing strategies and practices of smaller wineries in the Tokaj region.

Our findings indicate that the so-called Veblen effect applies to Tokaj wine specialties; furthermore, the place of origin (terroir, specific vineyard) plays a pivotal role in the pricing of bottled quality Tokaj wines.