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To battle with economic challenges during COVID-19 pandemic, the US government implemented various measures to mitigate economic loss. From issuance of stimulus check to social distancing measures, 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, which coincided or preceded several policy changes and confounding events (e.g., protests) in the US. Our results may be used to inform future economic recovery policies and their potential consumer response.
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COVID-19 Effect on Consumer Spending and Foot Traffic
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