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 Eu-ropean countries …-term sectoral consumption shifts may occur. …

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 …-term sectoral consumption shifts may occur. …

the aggregate consumption to income ratio. By standard intertemporal budget constraint logic, this ratio is linked to … expectations of future income and consumption growth rates. We investigate whether these expectations suffice to explain the shifts … in the consumption-income ratio that occur during disaster periods or whether, on the other hand, consumers become more …

of large prizes (USD 8,300-150,000) is slightly below one half. While the consumption responses we find are high, their …