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Tax Day 2024: How Will Consumers Spend Their Refunds?




April 15th - Tax Day! While America may be collectively groaning today, you know me… I’ve been waiting to talk about these insights! From my recent survey of 1,000 Americans last month...


Half of Americans say that their 2024 refund is about the same as it was in 2023, up 9 pts from last year. Yet, while the dollar amount remains unchanged, consumers’ plans for their refund check have shifted. 


The great majority of consumers are using their 2024 refund practically… especially paying off credit card debt and getting cars repaired. 

  • 34% are putting in savings (+1 from last year)

  • 23% are using to payoff/paydown credit card bills (+5)

  • 19% are using for for everyday items like groceries (+1)

  • 10% are using for repair and maintenance (+3)


These practical uses dwarf the amount of people using their refund as “fun money”

  • 9% using for vacation (+1)

  • 7% buying new clothes or shoes (no change)

  • 6% going out, dining out, etc (no change)



WHY IT MATTERS: 

People may have refunds coming, but don’t expect a big bump in spending.


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