This study investigated the role of anonymous usage and consumer identity in consumer attitudes toward private label products in Saudi Arabia. A sample of 272 consumers participated in this empirical study. Two new factors—anonymous usage and consumer identity—were introduced for the first time and explored alongside social, functional, and financial risks. No differences were found between consumer groups based on their demographic data, such as age, income, gender, and education. A path analysis was performed to test the conceptual framework. Nine hypotheses were constructed, of which seven were accepted. Social risk had a significant impact on consumer identity, but no such impact was found for functional risk. Moreover, functional risk and price had a significant impact on anonymous usage, unlike financial risk. Anonymous usage, consumer identity, and price all had a significant influence on consumer attitudes toward private label products. Finally, consumer attitudes toward private label products significantly impacted consumer purchasing intention.