This paper represents the first attempt to show how heterogeneous shock experiences help explain the enduring scars on household future behaviors. Using a large-scale household survey with 15,652 observations combined with geospatial transportation big data, we identify a novel belief-updating mechanism through which crises may exert prolonged impacts on household asset allocation and consumption patterns. An increase in the duration of previous lockdown experience is associated with a 10.52% escalation in enhanced anxiety for future precautionary saving motivations. This experience-based learning perspective supports the resolution of long-lasting overreactions to negative shocks via belief revisions and extends to households’ consumption behaviors. The lingering effects continue to skew households' beliefs even when conditions improve. Additionally, households with different individual-based shock experiences may exhibit varying perceptions of external shocks, resulting in disparate belief revision processes.