Will the nation’s stores gain a meaningful sales boost from Uncle Sam this tax season? Shopper surveys paint a mixed picture.
For one, fewer consumers are due a refund this year, according to Fung BusinessIntelligence Center’s Global Retail & Technology Flash Report: Tax Return Tracker #10.
As of April 9, 13 weeks into the 2015 tax-filing season, an estimated 77.2 million refunds were issued, totaling $217.4 billion and averaging $2,815 each, reported the research arm of the multinational Fung Group, led by Deborah Weinswig, executive director and head of global retail and technology.
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But the number of refunds issued dropped 2.0% from 2014, and the average refund amount is down 1.2% from last year, the firm reported.
And most of the consumers due a refund won’t be using the money to shop, according to The National Retail Federation’s Tax Returns Survey, conducted by Prosper Insights and Analytics.
Indeed, 47% of shoppers expecting a refund will put the money into savings, the highest percentage in the survey’s history; 39.1% will pay down debt; and 25.1% will use the refund for daily expenses, the survey revealed.
By contrast, 13% of shoppers surveyed said the money would go towards a vacation, and 10.5% plan to spend it on a major purchase like a television or car.
Nearly two-thirds (65.7%) of those surveyed are expecting a refund, the NRF said.
Among the consumers surveyed, young adults ages 18 to 24 emerged as a notably savings-minded bunch: 54.9% plan to put their refunds into savings and 34.4% will pay down debt.
“Americans are thinking of the future, and remaining financially secure is a big part of that,” said NRF president and CEO Matthew Shay, in a statement.
But the findings of a survey by the International Council of Shopping Centers tells a different story, indicating that retailers might enjoy somewhat of a tax-season windfall.
The ICSC’s survey found that 47% of consumers polled would spend their refunds on goods and services including apparel, electronics and convenience items.
On a granular level, 13%, 11%, 5%, and 4% of consumers surveyed will spend their refunds on home goods, appliances and home improvements; restaurants, movies, plays and concerts; apparel and footwear; and electronics, respectively.
“As the economy continues to strengthen and consumer sentiment remains positive, this influx of disposable income is a boon for retailers and shopping centers,” Jesse Tron, spokesman for the ICSC, said in a press statement. “Just as lower gas prices have positively impacted consumer spending, so too will tax refunds bolster our economy.”
One thing is certain: Retailers are angling for your tax-refund dollars. The Gap'sBanana Republic chain is wooing shoppers via email marketing that spouts, “the antidote to taxes is one click away, while Amazon is urging consumers to “take a break from filing taxes and scoop up the new spring footwear! XOXO, Zappos.com,” according to the MarketWatch story, “Retailers fight for your tax dollars — but should you fork it over?”
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