Washington, D.C. After two years of paying down debt and skipping family vacations, many Americans plan to cautiously start spending their tax refunds once again. According to NRF’s 2010 Tax Returns Consumer Intentions and Actions Survey, conducted by BIGresearch, 43.9% of Americans expecting a refund will pay down debt, fewer than the 48.0% in 2009.
According to the survey, 12.5% of people expecting a refund plan to treat themselves or their families to a major purchase such as a new television, furniture or car, up from 11.0% last year. Others will stash their refund away in savings (40.3%), put it towards everyday expenses (28.8%) or go on vacation (10.0%).
“A little bit of ‘free money’ will go a long way for Americans this year,” said Tracy Mullin, president and CEO, NRF. “Retailers planning special promotions over the next few months may find that shoppers are a bit more receptive to opening up their wallets than they have been for the past year.”