Industry sentiment and practitioners’ observations link income and wealth to private-label demand. The intuition is that decreasing income and wealth increase the demand for (cheaper) private labels. Recent academic research focusses on measuring the causal effect of income and wealth changes...

Mediation analysis empirically investigates the process underlying the effect of an experimentalmanipulation on a dependent variable of interest. In the simplest mediation setting, theexperimental treatment can affect the dependent variable through the mediator (indirecteffect) and/or directly...