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Consumption during the Covid-19 pandemic: evidence from Italian credit cards

Author

Listed:
  • Simone Emiliozzi

    (Bank of Italy)

  • Concetta Rondinelli

    (Bank of Italy)

  • Stefania Villa

    (Bank of Italy)

Abstract

This study analyzes high-frequency data on credit cards to identify the impact of the COVID-19 pandemic on Italian consumer transactions. Using an event study approach, it finds that during the national lockdown total transactions fell by over 50%. The decline was particularly severe in high-contact sectors such as restaurants and travel, reflecting the impact of containment measures. The analysis uncovers a strong heterogeneity also in the responses of different regions, with larger contractions recorded in the Northern regions due to early government restrictions. Overall, this dataset can be particularly useful given the publication lag of official data on household consumption both at the national and regional level.

Suggested Citation

  • 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.
    • Handle: RePEc:bdi:opques:qef_769_23
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    More about this item

    Keywords

    consumption; transaction data; Covid-19;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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