Back to Trend: Covid Effects on E-Commerce in 47 Countries

38 Pages Posted: 25 Feb 2022 Last revised: 26 Mar 2025

See all articles by Joel Alcedo

Joel Alcedo

Mastercard

Alberto Cavallo

Harvard University - Business School (HBS)

Bricklin Dwyer

Mastercard

Prachi Mishra

International Monetary Fund (IMF) - Research Department

Antonio Spilimbergo

International Monetary Fund (IMF) - Research Department; Centre for Economic Policy Research (CEPR); University of Michigan at Ann Arbor - The William Davidson Institute

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Date Written: February 2022

Abstract

We study E-commerce across 47 economies and 26 industries during the COVID-19 pandemic using online transaction data from Mastercard. The online share of total credit card transactions surged during the pandemic, especially as governments made transfers to households in lockdown. As the fiscal support and mobility restrictions waned, online shares went back to pre-pandemic trends in almost all countries. We find little evidence of long-lasting structural changes in E-commerce spending patterns.

Suggested Citation

Alcedo, Joel and Cavallo, Alberto and Dwyer, Bricklin and Mishra, Prachi and Spilimbergo, Antonio, Back to Trend: Covid Effects on E-Commerce in 47 Countries (February 2022). NBER Working Paper No. w29729, Available at SSRN: https://ssrn.com/abstract=4028345

Alberto Cavallo

Harvard University - Business School (HBS) ( email )

Soldiers Field Road
Morgan 270C
Boston, MA 02163
United States

Bricklin Dwyer

Mastercard ( email )

Prachi Mishra

International Monetary Fund (IMF) - Research Department ( email )

700 19th Street NW
Washington, DC 20431
United States

Antonio Spilimbergo

International Monetary Fund (IMF) - Research Department ( email )

700 19th Street NW
Washington, DC 20431
United States
202-623-6346 (Phone)
202-623-6336 (Fax)

Centre for Economic Policy Research (CEPR)

London
United Kingdom

University of Michigan at Ann Arbor - The William Davidson Institute ( email )

724 E. University Ave.
Wyly Hall
Ann Arbor, MI 48109-1234
United States

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