Table 3.

Average daily POS and online expenditure response to the COVID-19 crisis.

	Off-line			Online
	log(total val.)	log(total vol.)	log(avg. val.)	log(total val.)	log(total vol.	log(avg. val.)
	(1)	(2)	(3)	(4)	(5)	(6)
$\mathbb{1}$pre	0.019	−0.002	0.021	−0.051***	−0.039**	−0.012
	(0.027)	(0.021)	(0.013)	(0.019)	(0.015)	(0.011)
$\mathbb{1}$cont. 1	−0.72***	−0.83***	0.109***	−0.116**	−0.131***	0.015
	(0.065)	(0.059)	(0.017)	(0.05)	(0.035)	(0.018)
$\mathbb{1}$after cont. 1	0.029	−0.021	0.05***	0.068***	0.112***	−0.044***
	(0.026)	(0.024)	(0.007)	(0.013)	(0.015)	(0.01)
$\mathbb{1}$cont. 2	−0.371***	−0.370***	−0.001	0.145***	0.213***	−0.068***
	(0.035)	(0.029)	(0.011)	(0.05)	(0.035)	(0.019)
$\mathbb{1}$after cont. 2	−0.082**	−0.153***	0.072***	0.169***	0.216***	−0.047**
	(0.039)	(0.027)	(0.015)	(0.048)	(0.034)	(0.02)
Constant	0.042*	0.073***	−0.031***	0.107***	0.091***	0.016**
	(0.024)	(0.02)	(0.004)	(0.006)	(0.009)	(0.007)
$R^2$	0.799	0.855	0.432	0.441	0.597	0.297
Obs.	357	357	357	357	357	357
# Trans.	15.6 $\times 10^9$	15.6 $\times 10^9$	15.6 $\times 10^9$	2.7 $\times 10^9$	2.7 $\times 10^9$	2.7 $\times 10^9$

Notes: This table reports the average daily card transaction response (Eq. (2)) to the COVID-19 crisis in the sample from January 6 through December 27, analogous to Panel B of Table 2, but with point-of-sale and online transactions modelled separately. The dependent variable is the logarithm of total daily value of card expenditure in columns (1) and (4), the logarithm of total daily number of transactions in columns (2) and (5) and the logarithm of average value per card transaction in columns (3) and (6), in each case treating point-of-sale and online separately. 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.