Assessing the heterogeneous impact of COVID-19 on consumption using bank transactions
Jan 1, 2025·
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1 min read
Selien De Schryder
Nikolaos Koutounidis
Koen Schoors
Johannes Weytjens
Abstract
Using granular bank transaction data from a major Belgian bank, we analyze the heterogeneous impact of COVID-19 on household consumption patterns. Our dataset covers over 200,000 households during the pandemic period, allowing us to examine consumption responses across different demographic groups and spending categories. We find significant heterogeneity in consumption responses, with younger households and those in contact-intensive sectors showing larger declines. The analysis reveals important insights for understanding the economic effects of pandemic-related restrictions and the design of targeted policy responses.
Type
Publication
Journal of Macroeconomics, 84, 103677
This research provides novel insights into the heterogeneous economic effects of the COVID-19 pandemic using granular household-level transaction data. The findings have important implications for understanding crisis responses and designing targeted policy interventions.
Key Findings
- Heterogeneous Responses: Consumption impacts varied significantly across demographic groups
- Sectoral Differences: Contact-intensive sectors experienced larger declines
- Age Effects: Younger households showed more pronounced consumption reductions
- Policy Implications: Results inform targeted support measure design
Data and Methodology
The analysis leverages a unique dataset from a major Belgian bank covering:
- Over 200,000 households
- Detailed transaction-level data
- Full pandemic period coverage
- Granular spending category information
This paper represents collaborative research between Ghent University and BNP Paribas Fortis.
