you're reading...
Retail Selling, solutions, strategies, Value added

Americans Want To Save Tax Refund

by Sarah Mahoney,

Income-Tax-Return-If retailers a

re expecting a little bounce from consumers’ tax refunds this year, they might be disappointed. A new survey from the National Retail Federation reports that more people plan to bank their refund, with 43.8% saying they plan to save at least some of it, up from 42.1% last year.

The survey also found people are in a hurry, with 64.4% saying they will have filed their taxes by the end of February, the highest since 2006.

The survey, conducted for NRF by BIGinsight, reports that 66.2% expect a check from the government, the same as last year. The Internal Revenue Service says the average 2010 refund was $2,902.

“After a rocky few years, consumers are now more vigilant about how they spend their money and the importance of preparing for future financial stability,” NRF CEO Matthew Shay says in its release.

Roughly 40% say they also plan to use some of the money to pay down debt, and 28.7% say some will go toward everyday expenses. Fewer are splurging, with just 12.3% reporting a plan to spend the money on a major purchase, such as a car or TV, and 11.3% plan to use it for a vacation. The survey is based on responses from 8,700 adults.

One snag: People are having to wait a little longer, with this year’s refunds reportedly taking between 10 and 21 days from e-filing, compared to one to two weeks in past years, a hiccup the IRS has attributed to new fraud safeguards.

Electronic filing continues to gain in popularity, with 60.7% planning to file this way, up from 57.6% last year, 36% using computer software, 21% employing an accountant, 18.7% relying on a tax prep service, and 10.6% asking a friend. Some 13.8% say they will do their own taxes by hand.

For retailers like Walmart and Sears, taxes are big business. Sears, for example, has launched a unique web page with H&R Block, which offers 15% off the cost of H&R Block’s Basic, Deluxe, and Premium H&R Block online editions. Both chains are offering free tax file for those using form 1040EZ, and Walmart is promoting its $3 check-cashing service for refund checks.

via MediaPost Publications Survey: Americans Want To Save Tax Refund 02/27/2012.


About Bob Innes

Who am I and what I do best! I am a skilled Sales and Marketing team player known for performing behind the scenes miracles that increase base distribution, improve customer relationship management, exceed annual sales volume,and profitability for Consumer Packaged Goods companies. And I've been doing it for over 15 years. My successful contributions include such clients as Kraft Foods, Mars, Bumble Bee Foods, Unilever, Johnson and Johnson and SC Johnson, and JM Smuckers.


No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Connect on Twitter

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 41 other followers

RSS Daily Consumer Smart Brief

  • An error has occurred; the feed is probably down. Try again later.
%d bloggers like this: