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Globe/wire say CIBC, rivals hear savings need spending

2021-03-25 08:34 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce (CIBC)

The Globe and Mail reports in its Thursday, March 25, edition that Canadians have hoarded a massive cash pile and are itching to spend it, a sign the economy could heal faster than expected. A Reuters dispatch to The Globe reports that the expectation is that everyone will have had the jab by September. The Bank of Canada believes Canadians have built up a $180-billion pandemic nest egg. If 15 per cent of the cash hoard is spent through 2023, it would speed up Canada's recovery, deputy governor Lawrence Schembri said earlier this month. That could force the BOC to raise rates earlier than forecast. Canadians are not alone in hoarding cash. Households around the world have spent the last year building up savings, with policy makers from North America to Europe to Asia hoping fatter wallets will trigger a consumer-led recovery. Consumer spending on clothing and accessories is bouncing back, edging above prepandemic levels, which economists say shows Canadians are getting ready to return to restaurants, bars and theatres once vaccinations become widespread. RBC's Rannella Billy-Ochieng says, "Generally, when people buy clothing, it's almost like they're preparing for better days."

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