{"id":8297,"date":"2020-07-09T09:14:45","date_gmt":"2020-07-09T08:14:45","guid":{"rendered":"http:\/\/www.economicsobservatory.com\/ongoing-research\/consumer-responses-to-the-covid-19-crisis-evidence-from-bank-account-transaction-data"},"modified":"2020-07-09T09:14:45","modified_gmt":"2020-07-09T08:14:45","slug":"consumer-responses-to-the-covid-19-crisis-evidence-from-bank-account-transaction-data","status":"publish","type":"ongoing-research","link":"https:\/\/www.economicsobservatory.com\/test\/ongoing-research\/consumer-responses-to-the-covid-19-crisis-evidence-from-bank-account-transaction-data","title":{"rendered":"Consumer responses to the Covid-19 crisis: evidence from bank account transaction data"},"content":{"rendered":"<p>This paper uses transaction-level customer data from the largest bank in Denmark to estimate consumer responses to the Covid-19 pandemic and the partial shutdown of the economy. We find that aggregate card spending has dropped sharply by around 25% following the shutdown. The drop is mostly concentrated on goods and services whose supply is directly restricted by the shutdown, suggesting a limited role for spillovers to non-restricted sectors through demand in the short term. The spending drop is somewhat larger for individuals more exposed to the economic risks and health risks introduced by the Covid-19 crisis; however, pre-crisis spending shares in the restricted sectors is a much stronger correlate of spending responses.<\/p>\n<p><\/p>\n","protected":false},"template":"","categories":[],"frequency":[],"type_of_data":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Consumer responses to the Covid-19 crisis: evidence from bank account transaction data - Economics Observatory<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.economicsobservatory.com\/test\/ongoing-research\/consumer-responses-to-the-covid-19-crisis-evidence-from-bank-account-transaction-data\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Consumer responses to the Covid-19 crisis: evidence from bank account transaction data - Economics Observatory\" \/>\n<meta property=\"og:description\" content=\"This paper uses transaction-level customer data from the largest bank in Denmark to estimate consumer responses to the Covid-19 pandemic and the partial shutdown of the economy. We find that aggregate card spending has dropped sharply by around 25% following the shutdown. 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