Income and Wealth Effects on Private-Label Demand: Evidence from the Great Recession
Income and Wealth Effects on Private-Label Demand: Evidence from the Great Recession
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DOI：
10.2139/ssrn.2672029
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发表时间：
2015-06
期刊：
影响因子：
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通讯作者：
Jean-Pierre Dubé;Günter J. Hitsch;Peter E. Rossi
中科院分区：
文献类型：
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作者：
Jean-Pierre Dubé;Günter J. Hitsch;Peter E. Rossi
我们衡量收入和财富对自有品牌产品需求的因果影响。先前的研究表明，这些影响很大，特别是在经济衰退期间，自有品牌的需求会上升。我们的实证分析基于一个全面的家庭级交易数据库，与来自商店级扫描仪数据的价格信息和基于当地房价指数的财富数据相匹配。大衰退是我们数据差异的一个关键来源，随着时间的推移，它对家庭收入的影响很大，而且在地理上也不同。我们在家庭层面上使用收入和财富的“内部”变化来估计收入和财富的影响。我们的估计可以解释为符合基于效用最大化的消费者需求模型的收入和财富效应。我们建立了一个精确测量的收入对自有品牌股票的负面影响。财富的影响是负面的，但不能准确衡量。然而，与之前的学术工作和行业观点相比，估计的效果规模很小。对供给侧可能对经济衰退做出的反应的研究表明，国家品牌和自有品牌产品的相对价格只有很小的变化。我们的估计还显示，在大衰退之前，自有品牌股票出现了巨大的积极趋势。我们研究了这一趋势背后的一些可能因素，但没有发现证据表明这一趋势与特定的自有品牌质量等级或自有品牌与国家品牌产品引入的总体比率有关。
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.