Survey raises doubts about consumer spending splurge in coming months

A quarter of consumers say they plan to increase their savings

On average, respondents indicated that they would spend just over a quarter of their new savings in the coming three months and planned to hold-on to the rest. 

A new survey has put into question the prospects for a huge spending splurge following the lifting of the Covid-19 pandemic restrictions after finding that consumers will likely be much more conservative about running down their savings in the coming months than once thought.

Permanent TSB and market researcher Kantar found that most people plan to continue to save, while a quarter of consumers in the survey say they plan to increase their savings, and not run them down.