Non-pharmaceutical interventions (NPIs) have been the key policy instrument utilized to contain the impact of the COVID-19 pandemic. This paper disentangles the effects of NPIs from that of the virus and looks at the specific channels through which the virus impacts consumption. Using geo-located transaction data, we find that consumers' behaviour towards the virus has explanatory power for the drop in consumption in the early stages of the pandemic. This effect disappears in the later stages of the pandemic, suggesting that consumers have adapted their behaviour. As the COVID-19 pandemic progressed, consumers tended to make ‘safer’ consumption decisions, by avoiding crowded places.

中文翻译：

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随着时间的推移，消费者对 COVID-19 大流行有何反应？


非药物干预措施 (NPI) 一直是用于遏制 COVID-19 大流行影响的关键政策工具。本文将非营利机构的影响与病毒的影响区分开来，并研究了病毒影响消费的具体渠道。使用地理定位交易数据，我们发现消费者对病毒的行为对大流行早期阶段的消费下降具有解释力。这种影响在大流行后期消失，表明消费者已经调整了他们的行为。随着 COVID-19 大流行的发展，消费者倾向于避开拥挤的地方，从而做出“更安全”的消费决定。