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COVID-19 economic policy effects on consumer spending and foot traffic in the U.S.
To battle with economic challenges during the COVID-19 pandemic, the US government implemented various measures to mitigate economic loss. From issuance of stimulus checks to reopening businesses, consumers had to constantly alter their behavior in response to government policies. Using anonymized c...
Autores principales: | , , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
China Science Publishing & Media Ltd. Publishing Services by Elsevier B.V. on behalf of KeAi Communications Co. Ltd.
2021
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8491973/ http://dx.doi.org/10.1016/j.jnlssr.2021.09.003 |
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author | Yang, Zhiqing Choe, Youngjun Martell, Matthew |
author_facet | Yang, Zhiqing Choe, Youngjun Martell, Matthew |
author_sort | Yang, Zhiqing |
collection | PubMed |
description | To battle with economic challenges during the COVID-19 pandemic, the US government implemented various measures to mitigate economic loss. From issuance of stimulus checks to reopening businesses, consumers had to constantly alter their behavior in response to government policies. Using anonymized card transactions and mobile device-based location tracking data, we analyze the factors that contribute to these behavior changes, focusing on stimulus check issuance and state-wide reopening. Our finding suggests that stimulus payment has a significant immediate effect of boosting spending, but it typically does not reverse a downward trend. State-wide reopening had a small effect on spending. Foot traffic increased gradually after stimulus check issuance, but only increased slightly after reopening, which also coincided or preceded several policy changes and confounding events (e.g., protests) in the US. We also find differences in the reaction to these policies in different regions in the US. Our results may be used to inform future economic recovery policies and their potential consumer response. |
format | Online Article Text |
id | pubmed-8491973 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2021 |
publisher | China Science Publishing & Media Ltd. Publishing Services by Elsevier B.V. on behalf of KeAi Communications Co. Ltd. |
record_format | MEDLINE/PubMed |
spelling | pubmed-84919732021-10-06 COVID-19 economic policy effects on consumer spending and foot traffic in the U.S. Yang, Zhiqing Choe, Youngjun Martell, Matthew Journal of Safety Science and Resilience Article To battle with economic challenges during the COVID-19 pandemic, the US government implemented various measures to mitigate economic loss. From issuance of stimulus checks to reopening businesses, consumers had to constantly alter their behavior in response to government policies. Using anonymized card transactions and mobile device-based location tracking data, we analyze the factors that contribute to these behavior changes, focusing on stimulus check issuance and state-wide reopening. Our finding suggests that stimulus payment has a significant immediate effect of boosting spending, but it typically does not reverse a downward trend. State-wide reopening had a small effect on spending. Foot traffic increased gradually after stimulus check issuance, but only increased slightly after reopening, which also coincided or preceded several policy changes and confounding events (e.g., protests) in the US. We also find differences in the reaction to these policies in different regions in the US. Our results may be used to inform future economic recovery policies and their potential consumer response. China Science Publishing & Media Ltd. Publishing Services by Elsevier B.V. on behalf of KeAi Communications Co. Ltd. 2021-12 2021-10-05 /pmc/articles/PMC8491973/ http://dx.doi.org/10.1016/j.jnlssr.2021.09.003 Text en © 2021 The Authors Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active. |
spellingShingle | Article Yang, Zhiqing Choe, Youngjun Martell, Matthew COVID-19 economic policy effects on consumer spending and foot traffic in the U.S. |
title | COVID-19 economic policy effects on consumer spending and foot traffic in the U.S. |
title_full | COVID-19 economic policy effects on consumer spending and foot traffic in the U.S. |
title_fullStr | COVID-19 economic policy effects on consumer spending and foot traffic in the U.S. |
title_full_unstemmed | COVID-19 economic policy effects on consumer spending and foot traffic in the U.S. |
title_short | COVID-19 economic policy effects on consumer spending and foot traffic in the U.S. |
title_sort | covid-19 economic policy effects on consumer spending and foot traffic in the u.s. |
topic | Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8491973/ http://dx.doi.org/10.1016/j.jnlssr.2021.09.003 |
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