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In this paper, we investigate the drivers of household consumption in the wake of the COVID-19 pandemic, focusing on Italy. We combine a macro and a micro approach and find that the deterioration in economic conditions can only explain about half of the slump in consumption, both at the aggregate and at the individual level; increased income and health risks significantly affect spending decisions, with heterogeneous impacts across expenditure categories and household types. At the micro level, the unemployed reduce spending for economic reasons, while the self-employed are mainly discouraged by health risks and uncertainty; restrictive measures play a minor role.