The pool of extra household savings is not evenly spread across the population, being concentrated in households with higher incomes. It is not clear whether households will want to spend these savings in coming months or whether they see them as long-term wealth to be spent gradually over a long period of time.
It is also possible that the resilience evident in consumer spending on services is because this was the first holiday period for three years that COVID restrictions were not in place. If what we have seen is extra spending as people enjoyed their usual freedoms, a period of belt tightening could follow.