How have the savings accumulated during COVID been used so far?

Households have built up considerable savings during COVID (we look at the United States, the euro zone and France). How these savings are used will have a pivotal effect on economies going forward. We look at how these excess savings have been used so far. Potential uses include: Consumption (the savings rate would then have to fall below its normal level after having been significantly higher than this level during the COVID crisis ); Purchases of new housing (leading to an increase in construction) or existing housing (leading merely to an increase in real estate prices ); Purchases of financial assets, leading to purchases of equities and bonds and driving up share prices and pushing down long-term interest rates; Holding monetary assets (care is required here because, for example, if a household buys a home from another household, house prices rise but the quantity of money held by households does not change). It seems that at present and in the most recent period, households have used their excess savings: In the United States, to buy existing housing, bonds, equities and monetary assets; In the euro zone, to buy bonds, equities and, to a lesser extent, monetary assets; In France, to buy existing housing, bonds, equities and, to a lesser extent, monetary assets; There has not been additional consumption anywhere.