Willingness to Pay for Nanotechnology Products: The Czech Republic Experience

The current development of nanotechnology responds to climate change, sustainability issues, the energy crisis, and the need to improve the quality of life. The question, however, is what are the societal impacts and public acceptance of nanotechnology? To explore this, a pilot cross-sectional study was conducted in the Czech Republic.

The main objective of this study is to discuss consumers' willingness to pay for products containing nanotechnology. A sub-objective is to present the results of a pilot cross-sectional study on willingness to pay for nanotechnology products in the Czech Republic. The methods of literature review, questionnaire survey and subsequent statistical evaluation are used. The number of respondents in the pilot cross-sectional study is 216. Respondents commented on 2 groups of products: 1) products containing nanotechnology, identical to conventional products, and 2) products containing nanotechnology with improved properties and/or design.

The findings reveal that people's willingness to pay for nanotechnology products varies, largely depending on their knowledge of nanomaterials, education, and income. Importantly, respondents showed a higher willingness to pay for products with nanotech- enhanced performance or design. Educating the public and raising awareness about the benefits of nanotechnology could be crucial steps in increasing its societal acceptance and promoting its role in addressing global challenges.

The work was supported from ERDF/ESF project TECHSCALE (No. CZ.02.01.01/00/22_008/0004587).