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Measuring Consumer Spending Using Card Transaction Data: Lessons from the COVID-19 Pandemic

Author

Listed:
  • Abe Dunn
  • Kyle Hood
  • Andrea Batch
  • Alex Driessen

Abstract

Pandemic-driven economic changes are measurable in days and weeks rather than months and years, underscoring a need for more timely economic data to inform the public. We summarize newly available estimates of spending using card transaction data that are available on the Bureau of Economic Analysis website and analyze correlations between card data and official series. We find that card data perform well in measuring large changes in the economy around the pandemic, although the correlations are much lower during a period of stability prior to the pandemic. This pattern is likely attributable to a shift in the signal-to-noise ratio over these periods.

Suggested Citation

  • Abe Dunn & Kyle Hood & Andrea Batch & Alex Driessen, 2021. "Measuring Consumer Spending Using Card Transaction Data: Lessons from the COVID-19 Pandemic," AEA Papers and Proceedings, American Economic Association, vol. 111, pages 321-325, May.
    • Handle: RePEc:aea:apandp:v:111:y:2021:p:321-25
    DOI: 10.1257/pandp.20211049
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    Citations

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    Cited by:

    1. Abe C. Dunn & Mahsa Gholizadeh, 2020. "The Geography of Consumption and Local Economic Shocks: The Case of the Great Recession," BEA Working Papers 0179, Bureau of Economic Analysis.
    2. Tomohiro Okubo & Koji Takahashi & Haruhiko Inatsugu & Masato Takahashi, "undated". "Development of "Alternative Data Consumption Index":Nowcasting Private Consumption Using Alternative Data," Bank of Japan Working Paper Series 22-E-8, Bank of Japan.
    3. Dylan Balla‐Elliott & Zoë B. Cullen & Edward L. Glaeser & Michael Luca & Christopher Stanton, 2022. "Determinants Of Small Business Reopening Decisions After Covid Restrictions Were Lifted," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 41(1), pages 278-317, January.
    4. Simone Emiliozzi & Concetta Rondinelli & Stefania Villa, 2023. "Consumption during the Covid-19 pandemic: evidence from Italian credit cards," Questioni di Economia e Finanza (Occasional Papers) 769, Bank of Italy, Economic Research and International Relations Area.

    More about this item

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior
    • D10 - Microeconomics - - Household Behavior - - - General
    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access

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