I speculate that the percentage of those saving is very low. When the stimulus checks went out, the local Walmart sold out of Televisions.
It is more like “Some” would save, “Many” would spend. The USA is a materialistic nation. We love to show off what we have, we love to have spend money on Entertaining our friends if we have resources to do so. Yes, the majority will spend. Many will go out and buy brand new cars. Ultimately it is a better win win win scenario.