Survey details consumers' tax refund plans
We'll put it into savings, pay off card debt, or buy electronics
By Aundraya Ruse | Published: April 6, 2012
Been lusting after a new HDTV or the latest smartphone? What about a tablet device or a laptop? A PriceGrabber survey says many of you will be tapping this year's tax refunds to satisfy your electronic cravings.
According to a survey conducted from March 5-12, 2012, by PriceGrabber, 58 percent of consumers are expecting to receive a tax refund this year. The survey broke down how consumers planned to use their returns.
The consumers who expect to receive a refund fall into two groups: shoppers (43 percent), who'll buy goodies with the money, and self-improvers (57 percent), who say they'll use the money for some sort of activity that will benefit themselves financially.
The shoppers reported they're hot for electronics this year. They'll buy:
- HDTVs, cameras or smartphones (26 percent).
- Computers, laptops or e-readers (25 percent).
- Clothing and home goods (24 percent).
- Travel and vacations (22 percent).
Graham Jones, the general manager of PriceGrabber, said the survey demonstrates "a consumer appetite to shop this year, with electronic products topping the purchase wish list," Jones said.
However, the majority of those receiving a refund will not be heading to the mall, opting instead for some sort of self-improvement -- mainly financial. They said they will:
- Put the money in savings (40 percent).
- Pay down credit card debt (26 percent).
- Pay down student loans, auto loans or a mortgage (9 percent).
- Finance home improvements (10 percent).
- Invest the refund (7 percent).
- Use it toward leisure activities (5 percent).
See related: Pros and cons of paying taxes with a credit card
- Poll: Recurring charges are easy to start, hard to get out of – Thirty-five percent of consumers signed up for accounts that enrolled them in auto-pay without them realizing it ...
- New delinquencies rising for credit card users, New York Fed finds – Newly delinquent credit card accounts are accelerating, a "potentially concerning" trend, New York Fed economists said ...
- 2017 Credit Card Fee Survey: Consumers catch a break – Changes to credit card fees have decreased, foreign transaction fees are going away, and the rest can be avoided ...