The U.S. personal savings rate spiked to a historic 33% in April.
Bank of America — which touches half of American households — said checking accounts have 30% to 40% more money in them compared with 12 weeks ago, CEO Brian Moynihan"That means that the stimulus is still in their accounts and it's going to be spent. Part of it's been spent but there's more to come," he said.
"Sure there's a lot of despair out there and really difficult stories, but if you look at the consumer as a whole, the consumer has this huge saving right now, and that, once the paralysis is done, that's pent up demand waiting to be deployed," Wood said. "So we actually think the market is beginning to understand this. That's why we haven't had the retest that most investors expected. What usually happens is a retest, but it doesn't look like we're going back to the old lows," Wood said. "I think the market is seeing through to the other side of this cycle, and trends in motion before the crisis will remain in motion. That means businesses will have to chase to keep up with consumers as they satisfy pent-up demand.
This was largely driven by the elderly population, according to Swonk. Pre-Covid-19, baby boomers were pulling back on spending amid a surge in mortgage restructuring, meaning the older population was saving money each month and not spending.
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