Impact of Epidemic on Consumer Economy via Transaction Data

ABSTRACT

The sudden COVID-19 pandemic has led to unprecedented impact on China's economic and social development, especially on consumer economy. Payment is the most closely related economic activity regarding consumers, the data of which can accurately capture the characteristic of the consumer economy. Given the point of view, this paper makes an in-depth exploration in the research direction of payment data. Based on the transaction data from China UnionPay, this paper quantifies the impact of the epidemic on consumer economy and makes a comparative analysis of different provinces and industries. The paper quantitatively reveals that the epidemic progress significantly affects the consumer confidence and the development of consumer economy. According to our analysis, it is unwise to restart work resumption when the epidemic is still not under effective control. From the perspective of payment, this paper profoundly tells about the story of how China fights against the epidemic and puts forward relevant suggestions for the follow-up epidemic prevention and control as well as the comprehensive economic recovery policies. © 2022, Editorial Office of Journal of Applied Sciences. All right reserved.