Willingness to Pay and Its Influencing Factors for Aging-Appropriate Retrofitting of Rural Dwellings: A Case Study of 20 Villages in Wuhu, Anhui Province

Abstract

Every country in the world, except for African nations, faces significant challenges due to the increasing older population, with China being particularly affected. This issue is more pronounced in rural areas compared to urban centers. To better understand consumer attitudes and willingness to pay (WTP) for age-friendly retrofitting and to identify industry development shortcomings, this study designed a retrofitting scenario and organized a questionnaire survey to collect WTP and its influencing factors from respondents in the Wuhu area of Anhui Province, China. This study determined the retrofit cost to be CNY 12,224.4 and found that over 80% of respondents intended to pursue age-friendly retrofitting. The analysis results indicated that respondents’ education level, perceived psychological benefits, and perceived social benefits were positively correlated with their WTP. Additionally, education level, monthly personal income, and choice of retirement area positively influenced retrofitting budgets, whereas age bracket, employment status, and perceived situational risk negatively influenced them. The study’s findings will assist consumers in making informed retrofitting decisions and support the government in formulating appropriate policies to enhance the quality of rural residential environments and improve the living standards of the elderly.