How households shift spending across firms in response to income fluctuations is an important source of firm risk. Using transaction-level data, we study how households interact with the universe of retailers following income changes. We find that income increases within and across households result in substitution toward retailers in a category that are higher quality; smaller; more profitable; and have higher labor intensity, research and development (R&D) intensity, and equity betas. Although not all shifts are economically large, they do not average out across retailers. Thus, retailer choice has implications for key financial and macroeconomic outcomes, such as aggregate profitability and labor demand.

中文翻译：

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收入波动与企业选择

家庭如何在企业间转移支出以应对收入波动是企业风险的一个重要来源。使用交易级别的数据，我们研究了家庭在收入变化后如何与零售商群体互动。我们发现，家庭内部和家庭之间的收入增加导致对更高质量类别的零售商的替代；更小；更有利可图；并且具有更高的劳动强度、研发（R&D）强度和股权贝塔系数。尽管并非所有的转变在经济上都很大，但它们并没有在零售商之间平均。因此，零售商的选择会对关键的财务和宏观经济结果产生影响，例如总盈利能力和劳动力需求。