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The COVID-19 consumption game-changer: evidence from a large-scale multi-country survey

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Authors and Corporations: Hodbod, Alexander (Author), Hommes, Cars H. (Author), Huber, Stefanie J. (Author), Salle, Isabelle (Author)
Other Authors: Hommes, Cars H. 1960- [Author] • Huber, Stefanie J. [Author] • Salle, Isabelle [Author]
Edition: Last updated: November 18, 2021
Type of Resource: E-Book
Language: English
published:
[Ottawa] Bank of Canada [2021]
Series: Bank of Canada: Staff working paper ; 2021, 57
Subjects:
Source: Verbunddaten SWB
Lizenzfreie Online-Ressourcen
Description
Summary: Prospective economic developments depend on the behavior of consumer spending. A key question is whether private expenditures recover once social distancing restrictions are lifted or whether the COVID-19 crisis had a sustained impact on consumer confidence, preferences, and hence, spending. The elongated and profound experience of the COVID-19 crisis may durably affect consumer preferences. We conducted a representative consumer survey in five European countries in summer 2020 after the release of the first wave's lockdown restrictions. We document the underlying reasons for households' reduction in consumption in five key sectors: tourism, hospitality, services, retail, and public transports. We identify a large confidence shock in the Southern European countries and a shift in consumer preferences in the Northern European countries, particularly among high-income earners. We conclude that the COVID-19 experience has altered consumer behavior and that long-term sectoral consumption shifts may occur.
Physical Description: 1 Online-Ressource (circa 60 Seiten); Illustrationen