Table 5.
Consumption – baseline specification.
| 2nd hand platforms | Furniture | 2nd hand car platforms | AutoScout | Auto1 | BMW | Peugeot | Skoda | Volvo | |
|---|---|---|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
| COVID dummy | 0.082* | 0.048** | 0.133** | 0.140* | 0.245** | 0.106*** | 0.180*** | 0.180*** | 0.155*** |
| (0.039) | (0.021) | (0.047) | (0.080) | (0.104) | (0.026) | (0.034) | (0.031) | (0.029) | |
| Lockdown | 0.125** | 0.131*** | 0.318*** | 0.277** | 0.351*** | 0.199*** | 0.305*** | 0.323*** | 0.254*** |
| (0.047) | (0.031) | (0.059) | (0.115) | (0.102) | (0.028) | (0.039) | (0.041) | (0.033) | |
| Constant | 1.008*** | 1.027*** | 1.010*** | 0.997*** | 1.005*** | 1.000*** | 0.993*** | 1.000*** | 0.995*** |
| (0.014) | (0.011) | (0.024) | (0.034) | (0.036) | (0.012) | (0.013) | (0.012) | (0.011) | |
| Day effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Panel effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| -statistic | 54060 | 65.00 | 43.41 | 11.48 | 22.33 | 21.92 | 36.55 | 69.36 | 43.06 |
| -value | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
| Goodness-of-fit | 0.291 | 0.179 | 0.474 | 0.065 | 0.082 | 0.559 | 0.643 | 0.664 | 0.636 |
| No. of obs. | 882 | 2548 | 1176 | 2646 | 2058 | 2548 | 2254 | 2058 | 2450 |
| No. of countries | 9 | 26 | 12 | 27 | 21 | 26 | 23 | 21 | 25 |
Note: The dependent variable is the seven-day moving average search intensity for furniture purchases, country-specific platforms for second hand goods or second hand cars, internationally active platforms for car sales and car manufacturers, normalised by the mean search intensity before the COVID-19 outbreak. The COVID cut-off dummy switches value when the number of COVID cases exceeds three cases. The lockdown dummy is one when legal mobility restrictions are in place (cf. Fig. 2). Cluster-robust standard errors are noted in parentheses: * p<0.10, ** p<0.05 and *** p<0.01.