Analyzing the impact of COVID-19 on consumption behaviors through recession and recovery patterns.

Analyzing the impact of COVID-19 on consumption behaviors through recession and recovery patterns.

Publication date: Jan 19, 2024

The COVID-19 outbreak has dramatically impacted the economy, particularly consumption behaviors. Studies on how consumption responses to COVID-19 can be a powerful aid for urban consumption recovery. In this paper, based on a high-frequency consumption dataset from January 6, 2020, to April 28, 2020 covering 18 sectors and dataset from the corresponding lunar period in 2021, we look at how COVID-19 changed how people spent their money by looking at patterns of recession and recovery during the pandemic. Specifically, we first explore the recession-recovery pattern of national consumption and the effects of various policies and quantify it using regression methods. Then, recession-recovery patterns across cities are widely studied. We also reveal how consumption structures change during a pandemic and the relationship between patterns of change in citizens’ consumption and the socioeconomic characteristics of cities. And the specific empirical analysis is provided through panel regression models. In general, national consumption represented a Vshaped pattern during the pandemic, experiencing a dramatic decline and a rapid rebound. Consumption is significantly inhibited by lockdown, while it is stimulated positively but gradually by easing policies. Consumption patterns at the city level are associated with socioeconomic characteristics. Cities with high-income groups experience a more significant decline, and cities with a high share of the secondary sector have a higher recovery rate in consumption. The consumption structure redistributes but does not fundamentally change. During the recession and early recovery phase, consumption related to basic living saw a significant rise, whereas leisure-related consumption dropped dramatically and recovered slowly. Our study can assist policymakers in implementing diversified market provisions and targeted lockdown policy adjustments for consumption recovery in cities with different socioeconomic backgrounds.

Open Access PDF

Concepts Keywords
Lunar Behaviors
Policymakers Change
Powerful Characteristics
Recession Cities
Consumption
Covid
Decline
High
National
Pandemic
Policies
Recession
Recovery
Regression
Socioeconomic

Semantics

Type Source Name
disease MESH COVID-19
disease VO frequency
drug DRUGBANK Coenzyme M
disease VO Equity
disease VO volume
disease IDO intervention
disease VO effectiveness
disease IDO country
disease VO population
disease IDO production
disease MESH infections
disease IDO infection
drug DRUGBANK Trestolone
disease VO Gap
drug DRUGBANK Proline
disease VO time
drug DRUGBANK Fenamole
drug DRUGBANK L-Citrulline
drug DRUGBANK Indoleacetic acid
disease MESH unemployment
drug DRUGBANK Isoxaflutole
disease VO document
drug DRUGBANK Aspartame
disease VO efficiency
disease MESH death
disease IDO process
drug DRUGBANK L-Aspartic Acid
disease VO organ
drug DRUGBANK Ethanol
disease MESH STI
disease MESH panic
pathway REACTOME Reproduction

Original Article

(Visited 1 times, 1 visits today)