Credit card spend as another signal of ongoing sharp drop in consumer spending

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Credit card payment statistics (from Denmark in this case) are an easy illustration of changes in what is being purchased, and what isn’t at this time.

These aggregates bundle together probably important differences in revenue between companies which have more or less developed e-commerce and distribution. The longer the crisis takes, the more these capabilities becomes important, and it wouldn’t be surprising if physical locations become less important as we ease into a new normal. This crisis is accelerating changes in behavior that would have taken much longer. The chart from the Danish central bank, their analysis “Danish and international economy hit by pandemic“, published on April 1st, 2020.