Summary This project aims at improving our knowledge about how newspaper reporting during and after crises affect consumer expectations and their behavior. Markets and consumer behavior are intertwined and the causal links between people's expectations, their responses to negative news, and consumption behavior is yet to be established. During the current pandemic we observe sharp falls in private consumption while unemployment has increased. Newspaper reporting relating to the pandemic, both regarding health aspects and consequences for the Danish economy, dominates the media. An open question is whether the fall in consumption can be explained by lower household income or if households are negativly affected by the public debate and therefore reduce their consumption.