If you’re a CE retailer who’s banking on Tax Return Season to help boost sales this spring, you might be a little disappointed come April 18th, if a recent National Retail Federation study holds any weight.
According to NRF’s annual tax return survey, a record low number of Americans plan to spend their tax returns this year. Rather, the second highest number of Americans on record said they plan to put that money into savings. The NRF survey, conducted by Prosper Insights & Analytics, included feedback from 7,609 consumers.
“Financial security continues to be top-of-mind for all Americans, and consumers are hanging on to their tax refunds tighter than ever,” NRF President and CEO Matthew Shay said in a statement. “Consumers are leveraging their tax returns to build up their savings, but that’s good news in the long run because money saved today is money that can be spent down the road, particularly during the back-to-school and holiday seasons later this year.”