The cumulative savings of Americans for the time of the pandemic were four trillion dollars, but most of them fell on the already rich people. It is reported by CNBC.
Oxford Economics Study has shown that the growth of stock markets and a reducing spending led to a savings boom in 2020: Americans postponed about 3.7 trillion dollars, 70 percent of which went 20 percent of the richest Americans. At the same time, households with fewer revenues saved less than expected, based on their consumer behavior before the pandemic.
Focusing most of the savings among the rich is considered normal, however, as noted by Nancy Venden Howen and Gregory Dako, the degree of inequality became a surprise. According to Venden Howen, the prospects for consumer spending will largely depend on households with a high level of income, since they postponed more than others in a pandemic.
The level of expenditures may remain high in the coming months or even years, while the households will not spend their savings. The study showed that over the next one and a half years about 360 billion dollars will be spent. However, the overwhelming majority of spending will have to rich – $ 250 billion dollars.
It is expected that luxury restaurants, resorts, trendy shops and other areas of services that wealthy people enjoy, will have greater demand in the coming months than mass market.