Consumers will save, not spend.
Tax filers who get refunds are more likely than in past years to put the money into savings, according to the National Retail Federation.
The trade group's annual Tax Returns Survey, conducted by Prosper Insights and Analytics, showed that 47 percent of those expecting a refund will save that money. That's the highest percentage in the survey's history.
Nearly two thirds of those surveyed expect a refund, according to the survey.
"Americans are thinking of the future, and remaining financially secure is a big part of that," Matthew Shay, NRF president and CEO, said in today's announcement.
Those who will spend the money will mostly pay down debt (39 percent) or use it for daily expenses (25 percent).
Only 13 percent plan to splurge on a vacation, and just a tenth will buy a big ticket item such as a TV or car.
Close to a third plan to file their taxes online this year. Only 15 percent said they would wait until just before the April 15 deadline to file.
lorraine.mirabella@baltsun.com