"Valassis, a leader in activating consumers through intelligent media delivery, today released new research analyzing consumer behavior related to tax season. Stemming from a survey of more than 1,000 U.S. respondents who expect to receive a tax refund in 2019, the findings note that more than half (53%) are anticipating receiving the same, or more, money this year."
Tag: tax returns
Tax refunds continue to play an important role for many consumers when it comes to paying holiday debt. In a recent survey conducted by Jackson Hewitt Tax Service, 41% taxpayers polled revealed that they look forward to their tax refund to pay holiday bills. The same survey showed that the youngest taxpaying generation, Generation Z, is the most likely to use their tax refund to repay holiday debt, with 63% reporting that they look forward to their tax refund to pay holiday bills.
More Americans this year are opting to save their tax refunds for a rainy day. According to a new survey, 46% of those expecting a refund this year will put their money into savings, the highest percent in the survey’s history. Young adults between 18 and 24 are the most likely to use their refunds to purchase a big ticket item such as a new television or piece of furniture (18.3%).
Due to a change in federal tax law that decreased the take-home pay of many working Americans, nearly three-quarters (73.3%) of those polled say their spending plans are taking a hit. When asked how the new federal tax laws have affected spending, saving or budgeting of their households, nearly six in 10 (58.2%) say their plans have been either somewhat or greatly impacted. Many consumers will spend less overall, delay major purchases, reduce dining out, use coupons more often and do more comparison shopping.
More Americans this year plan to save – not spend – their tax refunds, according to a new survey conducted by BIGinsight. Some, however, will throw caution to the wind and use their refund for a major purchase, such as a car or new television (12.3%) and vacation (11.3%). More so this year than in the past, Americans are eager to file their taxes; more than half (64.4%) will have filed their taxes by the end of February, the highest since 2006.
With signs of an improving economy, many Americans are now keen to use their tax refunds to treat themselves or their families to a major purchase such as a new television or furniture. According to NRF’s 2011 Tax Returns Consumer Intentions and Actions Survey, conducted by BIGresearch, 13.2% of Americans will spend their refund on a big ticket item, up from 12.5% in 2010. While some will toss frugality out the window, there are still 41.9% of consumers who plan to pay down debt. Other ways consumers will use their refunds include vacation (11.9%), and everyday expenses (29.7%). “Many Americans have spent the last few years paying down debt with their tax refunds, but for some, it’s the perfect time to buy something nice for a change,” said Phil Rist, Executive Vice President, Strategic Initiatives, BIGresearch.
After two years of paying down debt and skipping family vacations, many Americans plan to cautiously start spending their tax refunds once again. According to the National Retail Federation's 2010 Tax Returns Consumer Intentions and Actions Survey, 12.5% of people expecting a refund plan to treat themselves or their families to a major purchase such as a new television, furniture or car, up from 11.0% in 2009. Others will stash their refund away in savings (40.3%), put it towards everyday expenses (28.8%) or go on vacation (10.0%). "Retailers planning special promotions over the next few months may find that shoppers are a bit more receptive to opening up their wallets than they have been for the past year," said Tracy Mullin, President and CEO, NRF.