Retailers hope for bumper Christmas as household savings hit record €31bn

Retailers are hoping to attract shoppers to urban centres in the run-up to Christmas. Picture: Andy Gibson

Retailers are hoping for a bumper Christmas as Irish households amassed a record €31bn in savings during the height of the pandemic – even more than what was accumulated during the Celtic Tiger SSIA era.

New figures released by the Central Statistics Office (CSO) showed households saved more than €31bn last year, bringing their financial net worth to an all-time high of €312.8bn. The level of savings has trebled since before the pandemic due to higher household incomes and lower consumer spending.