Spring @Value TypeMismatchException:Failed to convert value of type 'java.lang.String' to required type 'java.lang.Double'

Try changing the following line

@Value("${item.priceFactor}")

to

@Value("#{new Double('${item.priceFactor}')}")

This should solve the problem-

@Value("#{T(Double).parseDouble('${item.priceFactor}')}")
private Double priceFactor;