Swiss households save an average of 2,000 francs more during the pandemic than in normal times, shows a study by Credit Suisse. Because while incomes have declined overall, the options for spending the money have been severely limited, due to measures adopted in the country to contain the virus,
Thus, the savings rate, the share of income that a household sets aside after deducting all expenses, has practically doubled. Before the crisis, the Swiss put aside 13% of their gross income, this rate would now have reached 22%.
Furthermore, according to the study’s authors, online commerce does not compensate for this drop in “physical” consumption. With a 15% market share (food and non-food sector), it increased only slightly.
Experts therefore assume that overall consumer demand during the crisis will be around 20% lower than before. Calculated over two months, this represents a saving of 12 billion francs, notes the Blick.
–
