Table 2.

Mean daily spending response to the COVID-19 containments.

Panel A	log(total value)	log(total volume)	log(value per trans.)
	(1)	(2)	(3)
$\mathbb{1}$pre	0.002	−0.009	0.011
	(0.018)	(0.016)	(0.009)
$\mathbb{1}$post	−0.098***	−0.161***	0.064***
	(0.033)	(0.037)	(0.007)
Constant	0.059***	0.077***	−0.018***
	(0.016)	(0.015)	(0.003)
$R^2$	0.375	0.322	0.244
Observations	357	357	357
# Transactions	18.4 $\times 10^9$	18.4 $\times 10^9$	18.4 $\times 10^9$
Panel B	log(total value)	log(total volume)	log(value per trans.)
	(1)	(2)	(3)
$\mathbb{1}$pre	0.002	−0.009	0.011
	(0.018)	(0.016)	(0.009)
$\mathbb{1}$containment 1	−0.534***	−0.690***	0.156***
	(0.053)	(0.05)	(0.01)
$\mathbb{1}$after containment 1	0.037*	−0.003	0.04***
	(0.02)	(0.019)	(0.006)
$\mathbb{1}$containment 2	−0.211***	−0.252***	0.041***
	(0.025)	(0.021)	(0.011)
$\mathbb{1}$after containment 2	−0.022	−0.091***	0.069***
	(0.039)	(0.024)	(0.017)
Constant	0.059***	0.077***	−0.018***
	(0.016)	(0.015)	(0.003)
$R^2$	0.791	0.851	0.584
Observations	357	357	357
#Transactions	18.4 $\times 10^9$	18.4 $\times 10^9$	18.4 $\times 10^9$

Notes: This table reports the average daily card spending response (Eqs. (1), (2)) to the COVID-19 crisis in the sample from January 6 through December 27. Panels A and B represent the estimation results of Eqs. (1), (2) respectively. The dependent variable is the logarithm of total daily value of card expenditure in column (1), the logarithm of total daily number of transactions in column (2) and the logarithm of value per card transaction in column (3). Indicator variables are defined on the periods given in the text. HAC standard errors are reported in parentheses. ***, **, * indicate significance at the 1%, 5% and 10% levels, respectively. The number of transactions is the size of the sample from which daily values of the dependent variables are computed.