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What and how did people buy during the Great Lockdown?

2020-06-12Documento de Trabalho Acesso aberto
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dc.contributor.authorCarvalho, Bruno
dc.contributor.authorPeralta, Susana
dc.contributor.authorPereira dos Santos, João
dc.contributor.institutionNOVA School of Business and Economics (NOVA SBE)
dc.date.accessioned2020-09-09T02:37:41Z
dc.date.available2020-09-09T02:37:41Z
dc.date.issued2020-06-12
dc.description
dc.description.abstractThis paper uses novel and comprehensive data on electronic payments from SIBS, the main provider of point of sale terminals and on-line payments in Portugal, to study the impact of the Great Lockdown on purchases. The data aggregates all individual transactions into monthly observations, by municipality and sector, between 2018 and 2020. We employ a difference-in-differences event study that relies on the assumption that the monthly evolution of purchases in the first four months of 2020 would be parallel to that of the two previous years. We identify a massive causal impact on overall purchases, from a baseline year-on-year monthly growth rate of 10% to a decrease of 45%. The sign and magnitude of the impact varies considerably across sectors. Purchases of essential goods such as supermarkets and groceries increase mildly, contrasting with severe contractions in sectors that were closed by government order or depend heavily on tourism, including the leisure industry and restaurants. We find suggestive evidence of initial stockpiling of goods, postponing of essential expenditures, and rapid recovery of purchases in tech and entertainment, possibly to adapt to the confinement. Transactions with foreign-owned cards cause an even greater negative contraction. We disentangle the total effect into the intensive margin of the average transaction and the extensive margin of the number of transactions. Buyers adjust their shopping strategies in rational ways to minimize public health risks: they go less often to supermarkets and buy more each time, and visit local groceries more.en
dc.description.versionpublishersversion
dc.description.versionpublished
dc.format.extent2588392
dc.identifier.otherPURE: 18899833
dc.identifier.otherPURE UUID: ec6f9d4e-43c9-40c1-840b-06be8b3c1f65
dc.identifier.urihttp://hdl.handle.net/10362/103793
dc.identifier.urlhttps://cepr.org/content/covid-economics-vetted-and-real-time-papers-0
dc.language.isoeng
dc.publisherCentre for Economic Policy Research (CEPR)
dc.relationFunding text:
dc.relationFCT–Fundação para a Ciência e Tecnologia
dc.relationPD/BD/128121/2016
dc.relationEssays in political economy
dc.relationNova School of Business and Economics
dc.relationNova School of Business and Economics
dc.relationand Social Sciences DataLab
dc.relationLISBOA-01-0145-FEDER-022209
dc.relationPOR Lisboa LISBOA-01-0145-FEDER-007722
dc.relationLISBOA-01-0145-FEDER-022209
dc.relationand POR Norte
dc.relationLISBOA-01-0145-FEDER-022209
dc.relationand the research project PTDC/EGE-ECO/31213/2017
dc.subjectSDG 3 - Good Health and Well-being
dc.titleWhat and how did people buy during the Great Lockdown?en
dc.title.subtitleEvidence from electronic paymentsen
dc.typeworking paper
degois.publication.firstPage119
degois.publication.lastPage158
degois.publication.volume28
dspace.entity.typePublication
oaire.awardNumberPD/BD/128121/2016
oaire.awardNumberUID/ECO/00124/2013
oaire.awardNumberUID/ECO/00124/2019
oaire.awardTitleEssays in political economy
oaire.awardTitleNova School of Business and Economics
oaire.awardTitleNova School of Business and Economics
oaire.awardURIinfo:eu-repo/grantAgreement/FCT//PD%2FBD%2F128121%2F2016/PT
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UID%2FECO%2F00124%2F2013/PT
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UID%2FECO%2F00124%2F2019/PT
oaire.fundingStream6817 - DCRRNI ID
oaire.fundingStream6817 - DCRRNI ID
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.nameFundação para a Ciência e a Tecnologia
project.funder.nameFundação para a Ciência e a Tecnologia
project.funder.nameFundação para a Ciência e a Tecnologia
rcaap.rightsopenAccess
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relation.isProjectOfPublication.latestForDiscoveryf08d5d9c-b298-40f8-ad70-e42c3af1703c

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