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How covid-19 hit US household spending
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Spending in the early days of the crisis shot up before subsequently declining, according to a study quantifying the spending decisions of households during the covid-19 crisis in the US.
There was a 50% jump in household spending in the early days of the crisis (26 February to 10 March), finds the study by Scott R.
Baker of Northwestern University and other researchers. Grocery spending shot up by 7.5% within this period and remained higher than usual till 27 March.
The authors find a subsequent decline in overall spending with restrictions on outdoor services being imposed. This decline is the least for credit card purchases, as households continued to pay for essentials through this mode, says the study.
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COVID-19
United States
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Cases: 46 252 513
Deaths: 750 423
Recovered: 0
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India
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Cases: 34 321 025
Deaths: 459 652
Recovered: 0
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Brazil
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Cases: 21 835 785
Deaths: 608 235
Recovered: 0
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United Kingdom
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Cases: 9 215 683
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Russia
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Deaths: 237 619
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