When Tax Refunds Arrive, We'll Celebrate By Not Spending Them

Nearly 6 out of 10 U.S. consumers will be getting a tax refund this year, but the majority of those won't be using it as an excuse to go shopping: Instead, they'll stash it away or pay credit card bills, according to new survey by PriceGrabber.com.

The survey by the online shopping site, which polled 2,980 e-commerce consumers, revealed that just 43% of respondents due a refund will use it to shop: 40% plan to put it in savings, and 26% will use the money to pay down credit card debt. (Respondents could pick more than one category that applied to their plans.)

Still, a big chunk of those due a refund do plan to hit the malls, the survey says.

"Even in today's challenging economic environment, 43% of consumers of anticipating a tax return refund this year are planning to use the money to shop, according to our survey data," Graham Jones, general manager of PriceGrabber, tells DailyFinance. "These eager shoppers cited electronics, clothing and home goods as the top items they plan to purchase with their refund," Graham says.

Indeed, 26% of consumers plan to buy consumer electronics such as HDTVs, cameras and smartphones; 25% will computers, laptops, tablets and e-book readers; 24% will buy clothing and purchase home goods; and 22% will spend the refund on travel and vacations, the survey found.


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