‘Tis the season for spending

The Covid-19 crisis hasn’t been accompanied by the lack of confidence we typically see in recessions.
In past crises, particularly the global financial crisis, the recovery depended on slowly building confidence over time, encouraging companies and households to spend.
This time, the economic shutdown was forced on people, and many were looking forward to being able to spend again as soon as economies opened up.
As the below charts show, household net worth improved during the pandemic. Are these savings poised to be spent this holiday season?

Source: Federal Reserve Bank of St. Louis Economic Research Division.

Source: UK Office of National Statistics.
Count down to Christmas with our festive charts as we publish a new piece each day. Recognise the images that feature on our calendar windows? Each corresponds to a city where an Invesco office is based.