This paper identifies the impact of the first wave of the pandemic on credit card payments. It analyzes daily credit card transactions, which are particularly useful given the delay with which official data on household consumption are usually published.
The national lockdown that started in March 2020 led to a reduction in credit card transactions by more than 50 per cent. The effects varied between the different spending categories and across regions depending on the intensity of the pandemic and the consequent restrictions on mobility: transactions decreased particularly in services with high social interaction, such as restaurants and travel, and in the northern regions.
