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ShopAtHome: More shoppers to save tax refunds in 2013
Retailers hoping to see a sales rush after the April 15, 2013 tax filing deadline (US) may be disappointed. Rather than spending refund checks on new televisions, cars or clothes as in years past one survey indicates shoppers may not be spending - at all.
New data out from ShopAtHome indicates more people will be 'putting away' their tax refund checks in 2013 - with many either earmarking the money for savings or using refund checks to pay down debt. Here are a few interesting takeaways from the report:
• Shoppers with household income under $35,000/year plan to spend any refund received
• Shoppers with household income over $75,000 plan to invest (22%) or shop (17%)
• Men are more likely than women to want to invest/save 2013 refunds (20% vs. 10%)
• 40% of high school grads plan to save 'part of' their refund, 49% of college grads say they'll save 'part of' their refund
"We believe that the influx in savings interest among wealthy consumers may indicate growing concerns about the economy and a recession relapse among our more affluent customers," said Marc Braunstein, CEO, ShopAtHome.com. "This seems to be echoed by our findings from the Harris-conducted study as we compare plans for impulse and luxury purchases to those who plan to devote tax dollars to immediate needs, such as debt and bills."
Meanwhile, whether putting all of their refund or only a portion in savings or investment plans, the survey found many are doing what they can to make the refund dollars go further. Those with household income over $50,000 say they're using coupons to stretch refund amounts; many may also use online deals/discounts.
Harris Interactive conducted the survey on behalf of ShopAtHome between February 28 and March 4, 2013.
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