Non‐pharmaceutical interventions (NPIs) have been the key policy instrument utilized to contain the impact of the COVID‐19 pandemic. This paper disentangles the effects of NPIs from that of the virus and looks at the specific channels through which the virus impacts consumption. Using geo‐located transaction data, we find that consumers' behaviour towards the virus has explanatory power for the drop in consumption in the early stages of the pandemic. This effect disappears in the later stages of the pandemic, suggesting that consumers have adapted their behaviour. As the COVID‐19 pandemic progressed, consumers tended to make ‘safer’ consumption decisions, by avoiding crowded places.

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