Monitoring Consumption Switzerland has just published payment card transaction data for the week from 18 – 24th January, provided by SIX and Worldline. A breakdown by merchant category reveals that expenditures for non-food retail have collapsed by 60% compared to the previous two weeks, following the shutdown on Monday 18th January (see Figure below). Point of sale purchases of non-food retail items have dropped by 70%, while e-commerce purchases have remained stable. In the initial phase of the 2020 lockdown Ecommerce played a stronger role in substituting for missed purchases at shops. By contrast, consumer expenditures in Retail – Food have been largely unaffected.