The effects of the 2020 lockdown on consumption and savings in Spain

Jaume Borràs, Sergi Jimenez-Martin and Jose Labeaga

No eee2024-23, Studies on the Spanish Economy from FEDEA

Abstract: This paper investigates the effect of the lockdown on different consumption items using data from the Spanish Household Budget Survey. We rely on its panel data structure and on the observation of the two-week period when the household provide information to identify control and treatment groups. Then, we select several goods to estimate the causal effects of the lockdown on demand, both during the lockdown period and throughout 2020 as a whole. Our analysis reveals that the lockdown induced effects on the intratemporal distribution of total expenditure. Furthermore, the decline in total expenditure masks different changes in commodity groups and the distribution of expenditure as well as variations at different stages of the pandemic. Our findings also suggest that the lockdown measures, along with subsequent restrictions throughout 2020, engendered an unexpected and household-specific variation in savings rates. This, coupled with fluctuations in relative prices could influence other economic dimensions such as inequality and welfare.

Date: 2024-07
New Economics Papers: this item is included in nep-eur
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