  To battle with economic challenges during the COVID-19 pandemic, the US
government implemented various measures to mitigate economic loss. From
issuance of stimulus checks to reopening businesses, consumers had to
constantly alter their behavior in response to government policies. Using
anonymized card transactions and mobile device-based location tracking data, we
analyze the factors that contribute to these behavior changes, focusing on
stimulus check issuance and state-wide reopening. Our finding suggests that
stimulus payment has a significant immediate effect of boosting spending, but
it typically does not reverse a downward trend. State-wide reopening had a
small effect on spending. Foot traffic increased gradually after stimulus check
issuance, but only increased slightly after reopening, which also coincided or
preceded several policy changes and confounding events (e.g., protests) in the
US. We also find differences in the reaction to these policies in different
regions in the US. Our results may be used to inform future economic recovery
policies and their potential consumer response.
