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Monday, February 27, 2012

About two-thirds expect a tax refund, and more folks intend to "save" it

Observation:   A recent story from Marketing Daily indicates more than 66% of respondents to a BigInsight survey expect a check from the government this tax season, and 43.8% say they plan to save it.  Click here to see the story.

Implications:   My question is, “Save it for what?”  Are they saving it for retirement?  Or are they simply planning to spend it more strategically on one of many big-ticket needs that has gone un-sated over the past several years?  They could be saving it until May when they buy a new car, or until Fall when they buy a new suite of appliances.  To many folks, “saving” money might just mean not squandering it immediately, instead spending it thoughtfully on something they might be able to afford with a regular paycheck.

What is your company doing to convince consumers that your product or service is worth their investment, whether it be using their regular income… or the extra boost their tax return often feels like?

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

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