Consumption and income expectations during Covid-19

Using a survey of Italian households administered in November 2021, we study the effect of microeconomic and macroeconomic expectations about the health crisis and income growth on consumption expectations in 2022. The survey elicits individual-level indicators of income and consumption expectations...

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Bibliographic Details
Published in:Review of economics of the household 2024-03, Vol.22 (1), p.95-116
Main Authors: Immordino, Giovanni, Jappelli, Tullio, Oliviero, Tommaso
Format: Article
Language:English
Subjects:
Central banks
Consumption
COVID-19
COVID-19 vaccines
Disposable income
Economic analysis
Economics
Economics and Finance
Employment
Eurozone
Expectations
Expenditures
Fatalities
GDP
Gross Domestic Product
Households
Immunization
Income
Individual differences
Infections
Interest rates
Labor Economics
Macroeconomics
Microeconomics
Pandemics
Polls & surveys
Population Economics
Social distancing
Social Sciences
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Summary:Using a survey of Italian households administered in November 2021, we study the effect of microeconomic and macroeconomic expectations about the health crisis and income growth on consumption expectations in 2022. The survey elicits individual-level indicators of income and consumption expectations, distinguishing between consumption at home, away from home, online and total. We find that expected household income and expected GDP growth are strongly related to consumption expectations; income risk is positively associated with expected consumption growth for richer households. Finally, our results indicate that health-related variables were not a major drivers of consumption expectations in 2022.
ISSN:1569-5239
1573-7152
DOI:10.1007/s11150-023-09656-8