This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Fifty-eight Percent Of Consumers Are Planning To Receive A Tax Refund This Year, According To A PriceGrabber® Survey

LOS ANGELES, April 2, 2012 /PRNewswire/ -- Tax season is here, and 58 percent of consumers are planning to receive a refund this year, according to a survey conducted by PriceGrabber ®, a part of Experian. Conducted from March 5–12, 2012, the survey includes responses from 2,980 U.S. online shopping consumers. Of the respondents anticipating a tax refund this year, 27 percent expect to receive more money compared with last year and 31 percent expect to receive the same amount. Twenty-seven percent of respondents expect to receive less compared with 2011, and 15 percent don't know what to expect.

Forty-three percent plan to shopWhen respondents expecting to receive a tax refund this year were asked if they plan to use the money to shop, 43 percent said they plan to do so. When consumers were asked to select all of the items or activities they will purchase with their refund money, electronics topped the list. Twenty-six percent of respondents cited purchasing consumer electronics such as HDTVs, cameras or smartphones, and 25 percent selected computers, laptops, tablets or ereaders. Clothing and home goods tied for third — both receiving 24 percent of the votes — and 22 percent of consumers selected travel and vacations.

"PriceGrabber continues to see a consumer appetite to shop this year, with electronic products topping the purchase wish list based on survey respondents planning to use their tax refund to shop," commented Graham Jones, general manager of PriceGrabber.

Those not shopping plan to save their tax refundWhen the 57 percent of respondents not planning to shop with their tax refund money were asked to select all of the ways in which they plan to use the refund, 40 percent said they will put it in savings. Twenty-six percent of consumers plan to use the refund to pay off credit card debt; 10 percent selected home improvements; and 9 percent will use the refund to pay off student loans, auto loans or a mortgage. Seven percent of respondents plan to invest the money, and 5 percent plan to indulge and use the refund for leisure activities such as travel, dining out, concerts/events or spas.

February and March are top months for filing tax returnsConsumers don't plan to wait until the very last minute to file their tax returns this year, according to PriceGrabber survey data. When asked when they filed or plan to file their tax returns, 43 percent said during February. Thirty-nine percent of respondents said they plan to file during March, and 13 percent said they plan to file during the first part of April. Only 2 percent of respondents said they plan to file on April 17, the very last day, and 3 percent said they plan to request an extension. Moreover, electronic filing is the preferred method this year, with 85 percent of respondents planning to do so, compared with only 15 percent of consumers who plan to file their returns by mail.

"While we have seen mobile device apps become more popular from a shopping-related standpoint, it seems that tax preparation apps are not as widely adopted yet among consumers," added Jones. "Our survey indicates that 88 percent of consumers do not plan to download a tax preparation app onto a mobile device in order to prepare their tax returns this year."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,081.17 +50.96 0.28%
S&P 500 2,092.04 +10.16 0.49%
NASDAQ 4,813.4340 +39.9620 0.84%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs