Purpose - With the appearance of COVID-19, epidemiological measures were implemented which significantly changed the customer behaviour. Media became an important source of information. The fear phenomena in the lockdown era compelled consumers to buy impulsively. Therefore, this paper...

This paper uses transaction-level customer data from the largest bank in Denmark to estimate the change in consumer spending caused by the COVID-19 pandemic and the resulting shutdown of the Danish economy. We find that aggregate spending was on average 27% below the counterfactual level without...