Consumers planning to spend their tax refunds increase

There’s been a slight percent increase in the number of people planning to spend their tax refunds on a major purchase, according to the National Retail Federation’s (NRF) 2010 Tax Returns Consumer Intentions and Actions Survey, conducted by BIGresearch.

About 44 percent of Americans expecting a refund will pay down debt, which is fewer than the 48 percent in 2009. However, only 65.5 percent of taxpayers are expecting a refund, which is down from 68.4 percent last year.

According to the survey, 12.5 percent 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 percent last year.

“A little bit of free money will go a long way for Americans this year,” Tracy Mullin, president and CEO, NRF, said in the press release. “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.”

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