Consumers choose holidays over shopping

A new study by H&R Block has found what Australians consumers plan to spend their tax returns on, and it’s not retail.

Only five per cent surveyed indicated they would spend their return on home appliances whereas, 14 per cent said they would use it to a fund a holiday.

More than a third intend to put their tax returns into savings while 29 per cent will pay bills, 28 per cent will pay off personal loans and credit cards, and 14 per cent will pay off their home loan.

Frank Brass, regional director, H&R, said the results appear to show little good news for retailers.

“While there is little joy for retailers with predicted low consumer spending. It shows the need to get returns in as soon as possible as the overwhelming use of the refunds were to pay off debt or be put into savings.

“It means every day you wait is a day of paying interest or not getting paid interest on savings, it is always best to get your money back from the ATO to benefit you as early as possible.”

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