The Impact of the COVID-19 Pandemic on Consumption ...

1 The Impact of the COVID-19 Pandemic on Consumption : Learning from High Frequency Transaction Data* Haiqiang Chen, Wenlan Qian, and Qiang Wen April 14, 2020 * We benefit from valuable comments by Sumit Agarwal, Yi Huang, Chen Lin, Qin Yu, Johan Sulaeman, Dragon Tang, Peifeng Wang, and Liyan Yang. We also thank China UMS for its generous help in providing the transaction data and Muqing Song, Linyu Li for the excellent research assistance. Chen: Wang Yanan Institute for studies in Economics, Department of Finance, School of Economics, Xiamen University, Xiamen 361005, China Qian (corresponding author): Department of Finance, NUS Business School, National University of Singapore, 15 Kent Ridge Drive, Singapore, 119245 (email: Wen: Wang Yanan Institute for studies in Economics, School of Economics, Xiamen University, Xiamen 361005, China Chen acknowledges the financial support from National Natural Science Foundation of China Grants (#71850011, #71571152). 1 The Impact of the COVID-19 Pandemic on Consumption : Learning from High Frequency Transaction Data Abstract: We use daily transaction data in 214 cities to study the Impact of COVID-19 on Consumption after China s outbreak in late January 2020.)

These cities were at a higher risk of importing cases and spreading the disease; accordingly, offline consumption decreased by 12% more in these more-exposed cities than the rest of the cities in our sample. For the cities reporting 0 cases (as of late March), the decrease in offline consumption was

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  Cities, Exposed, Exposed cities

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