Shoppers spending their tax refund money - Fox 28: South Bend, Elkhart IN News, Weather, Sports

Shoppers spending their tax refund money

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It's not the holiday season but it may seem like it if you've been shopping in Michiana recently.  That's because it's tax refund season.

Angie Taberski knows exactly what she's doing with her tax refund money this year, "I am buying my son a bed."

A National Retail Federation Survey says this year over 20 percent of Americans are delaying major purchases because of recent payroll tax changes.  But Taberski says her tax refund allows her to shop for her major purchase now.  "otherwise you usually don't get a lump sum at once to go buy things and do stuff," said Taberski.

Other Michiana Shoppers must be thinking the same thing.  Stores say they've been busy with tax refund shoppers lately.  "More customers coming in and spending their taxes.  A lot of them actually mention they're getting their refund check and they're looking to spend it today," said Joshua Fischer, the Home Theater Sales Supervisor at Best Buy.

Fischer said even without customers telling him they're spending their tax refund money he can just tell it's that time of year.  "More bigger TV's going out the door than usual," said Fischer.

Not everyone is spending their tax refunds though.  According to the National Retail Federation 44 percent of people will put their refunds into savings this year.  37 percent will use it to pay down debt and just under 14 percent will spend it on a major purchase.

Taberski understands not spending too.  Not all of her refund is going towards that bed.  "I paid a lot of bills first," said Taberski.

But for those who have money left over after paying those bills now is the time they'll be shopping.  Sears said they are expecting business to really kick up next week after more people receive their returns.  And Best Buy expects the tax return season to last through March maybe even into April.

 

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