Chart 3: Canadians spent on average $ less in 2020 Gap between actual per capita consumption and a linear trend (quarterly data are nominal and seasonally adjusted at annual rate)  Dollars 1,000  $  0  $  -1,000  $  -2,000  $  -3,000  $  -4,000  2020  -5,000 -6,000 -7,000 -8,000 -9,000 2020 Q1  2020 Q2  2020 Q3  2020 Q4  Hard-to-distance (hospitality) Hard-to-distance (other; e.g., transport and recreational services) Non-essentials (e.g., durable goods) Essentials (e.g., food and clothing) Shelter (e.g., maintenance and repair of dwelling) Consumption Note: These figures represent the per capita (population aged 15 and older) gap between a linear trend (2016 –19) and actual nominal consumption in 2020.
Sources: Statistics Canada and Bank of Canada calculations  To summarize, these sizable shifts in income and spending resulted in an unprecedented increase in savings in 2020 of about $ billion, or roughly $ per Canadian (Chart 4). Bank research suggests about 40 percent of the extra savings was accumulated by high-income households.