Abstract
This paper investigates the effects of the pandemic containment periods in France on individuals’ movements, expenditure and adaptation to the shock, using billions of French bank card transactions measured before and during the COVID-19 pandemic. We measure not only the effect on consumer expenditure, but also on quantities directly related to the containment restrictions, such as consumer mobility, number of retailers visited, and inter-regional purchases. The results show large effects on these measures of consumers’ movements, as well as on both online and offline measures of expenditure, particularly in the first containment period. We also find evidence that consumers adjusted rapidly during the first containment period, mitigating the effects of mobility restrictions via an increasing shift toward online purchasing, and that the nature of the adaptation differed for different types of purchase.
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