Consumer Responses to the COVID-19 Crisis: Evidence from Bank Account Transaction Data

Publikation: Working paperForskning

Standard

Consumer Responses to the COVID-19 Crisis: Evidence from Bank Account Transaction Data. / Andersen, Asger Lau; Hansen, Emil Toft; Johannesen, Niels; Sheridan, Adam.

2020.

Publikation: Working paperForskning

Harvard

Andersen, AL, Hansen, ET, Johannesen, N & Sheridan, A 2020 'Consumer Responses to the COVID-19 Crisis: Evidence from Bank Account Transaction Data'. https://doi.org/10.2139/ssrn.3609814

APA

Andersen, A. L., Hansen, E. T., Johannesen, N., & Sheridan, A. (2020). Consumer Responses to the COVID-19 Crisis: Evidence from Bank Account Transaction Data. CEBI Working Paper Series, Nr. 18/20 https://doi.org/10.2139/ssrn.3609814

Vancouver

Andersen AL, Hansen ET, Johannesen N, Sheridan A. Consumer Responses to the COVID-19 Crisis: Evidence from Bank Account Transaction Data. 2020 maj 26. https://doi.org/10.2139/ssrn.3609814

Author

Andersen, Asger Lau ; Hansen, Emil Toft ; Johannesen, Niels ; Sheridan, Adam. / Consumer Responses to the COVID-19 Crisis: Evidence from Bank Account Transaction Data. 2020. (CEBI Working Paper Series; Nr. 18/20).

Bibtex

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title = "Consumer Responses to the COVID-19 Crisis: Evidence from Bank Account Transaction Data",
abstract = "This paper uses transaction-level customer data from the largest bank in Denmark to estimate the change in consumer spending caused by the COVID-19 pandemic and the resulting shutdown of the Danish economy. We find that aggregate spending was on average 27{\%} below the counterfactual level without the pandemic in the seven weeks following the shutdown. The spending drop was mostly concentrated on goods and services whose supply was directly restricted by the shutdown, suggesting a limited role for spillovers to non-restricted sectors through demand in the short term. The spending drop was larger for individuals with more ex ante exposure to the adverse consequences of the crisis in the form of job loss, wealth destruction, severe disease and disrupted consumption patterns and, most notably, for individuals with an ex post realization of crisis-related unemployment.",
keywords = "COVID-19, consumer spending, pandemic, social distancing, shutdown",
author = "Andersen, {Asger Lau} and Hansen, {Emil Toft} and Niels Johannesen and Adam Sheridan",
year = "2020",
month = "5",
day = "26",
doi = "10.2139/ssrn.3609814",
language = "English",
series = "CEBI Working Paper Series",
number = "18/20",
type = "WorkingPaper",

}

RIS

TY - UNPB

T1 - Consumer Responses to the COVID-19 Crisis: Evidence from Bank Account Transaction Data

AU - Andersen, Asger Lau

AU - Hansen, Emil Toft

AU - Johannesen, Niels

AU - Sheridan, Adam

PY - 2020/5/26

Y1 - 2020/5/26

N2 - This paper uses transaction-level customer data from the largest bank in Denmark to estimate the change in consumer spending caused by the COVID-19 pandemic and the resulting shutdown of the Danish economy. We find that aggregate spending was on average 27% below the counterfactual level without the pandemic in the seven weeks following the shutdown. The spending drop was mostly concentrated on goods and services whose supply was directly restricted by the shutdown, suggesting a limited role for spillovers to non-restricted sectors through demand in the short term. The spending drop was larger for individuals with more ex ante exposure to the adverse consequences of the crisis in the form of job loss, wealth destruction, severe disease and disrupted consumption patterns and, most notably, for individuals with an ex post realization of crisis-related unemployment.

AB - This paper uses transaction-level customer data from the largest bank in Denmark to estimate the change in consumer spending caused by the COVID-19 pandemic and the resulting shutdown of the Danish economy. We find that aggregate spending was on average 27% below the counterfactual level without the pandemic in the seven weeks following the shutdown. The spending drop was mostly concentrated on goods and services whose supply was directly restricted by the shutdown, suggesting a limited role for spillovers to non-restricted sectors through demand in the short term. The spending drop was larger for individuals with more ex ante exposure to the adverse consequences of the crisis in the form of job loss, wealth destruction, severe disease and disrupted consumption patterns and, most notably, for individuals with an ex post realization of crisis-related unemployment.

KW - COVID-19

KW - consumer spending

KW - pandemic

KW - social distancing

KW - shutdown

U2 - 10.2139/ssrn.3609814

DO - 10.2139/ssrn.3609814

M3 - Working paper

T3 - CEBI Working Paper Series

BT - Consumer Responses to the COVID-19 Crisis: Evidence from Bank Account Transaction Data

ER -

ID: 248805337