I'd say it's a mix of increased savings due to near-term economic/political uncertainty, and the fact that large-scale events (conferences, sporting events) that typically bring activity are also cancelled.

While e-commerce data does show that people are indeed spending and there are some pockets of increased spending, it doesn't seem like it nearly matches pre-COVID levels. I think people do want to spend their savings, but because of public health fears there's not much to spend it on.