全球智库信息集成服务系统(G2TT): Income and Wealth Effects on Private-Label Demand: Evidence From the Great Recession

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w21446
来源ID	Working Paper 21446
	Income and Wealth Effects on Private-Label Demand: Evidence From the Great Recession
	Jean-Pierre Dubé; Günter J. Hitsch; Peter E. Rossi
发表日期	2015-08-17
出版年	2015
语种	英语
摘要	We measure the causal effects of income and wealth on the demand for private-label products. Prior research suggests that these effects are large and, in particular, that private-label demand rises during recessions. Our empirical analysis is based on a comprehensive household-level transactions database matched with price information from store-level scanner data and wealth data based on local house value indices. The Great Recession provides a key source of the variation in our data, with a large and geographically diverse impact on household incomes over time. We estimate income and wealth effects using “within” variation of income and wealth at the household level. Our estimates can be interpreted as income and wealth effects consistent with a consumer demand model based on utility maximization. We establish a precisely measured negative effect of income on private-label shares. The effect of wealth is negative but not precisely measured. However, the estimated effect sizes are small, in contrast with prior academic work and industry views. An examination of the possible supply-side response to the recession shows only small changes in the relative price of national-brand and private-label products. Our estimates also reveal a large positive trend in private-label shares that predates the Great Recession. We examine some possible factors underlying this trend, but find no evidence that this trend is systematically related to specific private-label quality tiers or to the overall rate of private-label versus national-brand product introductions.
主题	Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment ; Business Cycles ; Industrial Organization ; Market Structure and Firm Performance
URL	https://www.nber.org/papers/w21446
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/579121
推荐引用方式 GB/T 7714	Jean-Pierre Dubé,Günter J. Hitsch,Peter E. Rossi. Income and Wealth Effects on Private-Label Demand: Evidence From the Great Recession. 2015.