Swiss households managed to save an additional CHF30 billion to CHF40 billion during the Covid-19 pandemic. Why people saved more During the lockdown, life came to a standstill. Offices were closed, restaurants and bars shuttered, and international travel became almost impossible. Tourism, hospitality, and other industries required government support to stay afloat. The 'new normal' shaped Swiss lives for months starting in 2020. With consumption opportunities significantly reduced, people saved more than ever before. By mid-2022, personal bank accounts in Switzerland held an additional CHF30 billion to CHF40 billion ($33.9 billion to $43.8 billion), according to an analysis by the Swiss National Bank (SNB). This figure represents around 5% of Switzerland's total annual economic output. What happened to the money? The SNB collects extensive data on savings, assets, and economic trends. Its analysis shows that households in Switzerland held on to much of this money instead of ...
