Forecasting the Mexican craft beer market: an integrated consumer perception conjoint analysis approach incorporating price and product attributes

PurposeThis paper aims to uncover patterns of Mexican craft beer consumers and guide companies' decisions in the creation of new products, marketing strategies, advertising and promotion to increase craft beer sales and contribute to faster growth.Design/methodology/approachThis is a conjoint analysis with a selection of attributes for new or renewed products, marginal disposition to pay for particular characteristics through brand-specific choice-based design, and market simulation.FindingsThis paper clearly demonstrates consumers' preferences and willingness to pay in Mexico, with a cutting-edge market research technique combining the prioritization of preferred craft beer characteristics, and the price consumers are willing to pay for such product characteristics.Research limitations/implicationsThe study's sample size of 501 responses is relatively small compared to the total number of craft beer consumers in Mexico. To enhance the validity and reliability of the findings, future studies should aim to obtain larger samples and compare their results with those of this study.Practical implicationsThis study has important implications for craft beer producers, allowing them to develop targeted craft beers with appealing attributes for Mexican consumers, such as color, aroma intensity, alcohol degree intensity, bitterness, foam level and price.Social implicationsThis study's market forecasting simulation technique is based on assumptions of consumer behavior and market dynamics. Although relevant variables were considered, unanticipated external factors or market changes could impact the forecasts' accuracy. This will allow for a more comprehensive understanding of craft beer consumer preferences in different markets and enhance the reliability of forecasting techniques.Originality/valueThis paper informs craft beer producers by providing valuable knowledge on customers' preferences and willingness to pay to enhance craft beer companies' product development processes.