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Effects of COVID-19 on income, consumption and savings: Evidence from the Luxembourg Household Finance and Consumption Survey

Author

Listed:
  • Thomas Y. Mathä
  • Ana Montes-Vinas
  • Giuseppe Pulina
  • Michael Ziegelmeyer

Abstract

We examine the impact of the COVID-19 pandemic on household income, consumption and savings in Luxembourg, revealing substantial heterogeneity across income and wealth distributions. More specifically, poorer households were more likely to experience negative effects than households with higher income or wealth. In particular, poorer households were more likely to report a decline in income and in savings.

Suggested Citation

  • Thomas Y. Mathä & Ana Montes-Vinas & Giuseppe Pulina & Michael Ziegelmeyer, 2023. "Effects of COVID-19 on income, consumption and savings: Evidence from the Luxembourg Household Finance and Consumption Survey," BCL Bulletin Analyses, Central Bank of Luxembourg, vol. 2023, pages 50-59.
    • Handle: RePEc:bcl:bclban:bclanalyse20232a3
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    File URL: https://www.bcl.lu/fr/publications/bulletins_bcl/BCLAnalyse/20232A3.pdf
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    More about this item

    Keywords

    Households; survey; COVID-19; income; consumption; savings;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

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