Just 9% of U.S. Consumers Plan To Apply Tax Refund to Major Purchase, Says NRF Survey

Nearly half of U.S. consumers expecting a tax refund this year plan to save the money rather than spend it right away, said a National Retail Federation survey. Of the 7,108 consumers polled, 65.5 percent expect a refund. Americans plan to apply refunds to savings goals “and plan for bigger purchases in the future,” said NRF CEO Matthew Shay in a Thursday news release. In addition to savings, 35 percent of respondents said they plan to pay down debt and 22 percent said they'll use refunds for everyday expenses. Eleven percent said they'll book a vacation with their refund, while 9 percent plan to spend it on a major purchase such as a TV or car, said NRF. Millennials are "putting saving ahead of splurging as they look for ways to get ahead,” said Pam Goodfellow, consumer insights director of Prosper Consumer Insights, which did the study Feb. 2-9.