With $1.6 trillion in savings, Americans are set to spend. SOPA Images/Getty Images Americans have saved $1.6 trillion since the pandemic started, per the Commerce Department. That's roughly half of overall global savings during the pandemic, and the same as South Korea's GDP. It's also greater than the output gap, or economic hole created by Covid-19, signaling a coming economic boom. Visit the Business section of Insider for more stories. Americans are ready for a shopping spree.Coronavirus lockdowns and two stimulus packages left American consumers sitting on approximately $1.6 trillion of pent-up spending, according to Commerce Dept.