No tax refund sales surge for retailers

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No tax refund sales surge for retailers

By Gina Acosta - 04/05/2018
A majority of U.S. consumers don't plan to spend their tax refunds on shopping.

A majority of U.S. consumers are planning to save or invest their tax refunds, according to a new survey.

MaritzCX surveyed a representative sample of 600 U.S. citizens and found that saving tops the list of what they plan to do with their tax refund (32%), followed closely by paying bills (31%) and paying off loans (6%). 

Those earning $150K+ annually were more likely to save their refund (49%), while of those earning between $25K-$100K annually, only 30% said their refund would be saved.

Of respondents earning under $25K, nearly 20% plan to invest their refund. On the other end of the spectrum, earners of $150K+, only 12% have earmarked their refund for an investment. 

Taking a vacation and making home improvements tied at 8% among respondents. Just 2% plan to make a large purchase, and charities can count on 1% of respondents donating a portion of their refund.

About 40% said relaxing on a beach in the U.S. (20%) or abroad (20%) was their pick. Cruising claimed 12% of the votes, and the more adventurous bunch would explore ancient ruins (10%), explore the U.S. in an RV (10%), travel the world on a yacht (7%), or safari in Africa (5%).

Finally, with new U.S. tax laws in effect, MaritzCX asked respondents if they believed the new laws would benefit them financially. Respondents were evenly split between yes, no and don’t know.

To view the report including graphs from the tax refund and vacation survey from MaritzCX, click here.