Assessing Market Potential for Lycium ‐Based Skincare in the U.S.: Consumer Preferences and Economic Valuation

ABSTRACT

This paper examines how the attributes of Lycium ‐based skincare products influence U.S. consumers' choices and willingness to pay. Data was collected from a national online panel survey in 2022, with 428 participants responding to questions about their preferences for a Lycium‐ based cream. The survey included a choice experiment where U.S. consumers were presented with three hypothetical products that varied in price, production type, location, scent, and organic status. Consumers' product selections in these experiments were analyzed using mixed logit models. The results indicate that U.S. consumers have a strong preference for U.S. and organic Lycium‐ based creams. They are willing to pay $6.35 for U.S.‐origin creams and $10.60 for organic creams. These findings offer valuable insights for U.S. producers considering growing Lycium trees in the country and skin products manufacturers [EconLit Citations: D12, Q13, Q18].