Refunds not going in the bank

Americans might be growing a bit tired of being thrifty.

A new survey from the National Retail Federation shows that slightly more Americans are likely to splurge this year's tax refunds on big ticket items.

The annual survey, conducted by BIGresearch for the NRF, found that 12.5 percent of those expecting a check from the IRS will treat themselves to a big purchase such as a new TV, furniture or a car. That's up from 11 percent last year. Ten percent plan to use the money for a vacation.

But the majority of consumers are aware of the economic uncertainties. Most plan to use their refund money to pay down debt and beef up savings.

While the survey found that a smaller percentage of Americans are expecting refunds -- 65.5 percent versus 68.4 percent last year -- 43.9 percent of those getting a refund say they plan to reduce family debt. That's down from 48 percent in 2009. About 40 percent plan to save the bucks they get back, and 28.8 percent say they will use it on everyday expenses.

Among more affluent households (those with $50,000 or more in annual income), 70.9 percent are expecting money back. For this group, saving is the most likely use of funds, at 45.4 percent (versus 37.6 percent of those earning less than $50,000 annually.) Affluents are also less likely to go shopping for a major purchase (12.1 percent compared with 13.7 percent of the lower-earning group) but more likely to spend their return on a vacation (11.6 percent versus 9.2 percent.)

The survey, based on 8,560 adults, also finds that electronic-tax-filing is still growing in popularity, with 54.4 percent filing online, compared with 50.1 percent back in 2007. About one-third use software programs, 23.5 percent use an accountant and 17.6 percent rely on tax preparation services. Almost 12 percent plan to ask a friend, spouse or other relative to do their taxes for them.

Any influx of spending money may be a boon for retailers, since shoppers have been focused on essentials since the recession started. And since 60.6 percent of Americans had their taxes done by the end of February, many of those refunds are returned already or are on the way. An additional 24.4 percent say they plan to file in March, with about 15 percent saying they will file in April.

Retail radar

--The fountains have started flowing again and boats are now visible at Sportsman's Island near Daniel Island.

--Sea Ray of Charleston has taken on the Scout Boats line and moved to the high-visibilty site at U.S. Interstate 526 and Clements Ferry Road. Hanckel Marine had occupied the spot until it pulled out last fall.

Sea Ray-Scout also carries a full line of Boston Whalers.

--MoMo's Pizza and Subs recently opened at 1211 N. Main St. in Summerville, a second restaurant for the metro area. Another is in Moncks Corner.

--Extra Space Storage recently opened a fourth location in the metro area at 2118 Heriot St. in downtown Charleston. The Salt Lake City-based self-storage company has three other facilities locally, in Goose Creek, Summerville and West Ashley.

In the know? Do you know of a business that is opening, closing or expanding? Reach Warren Wise at 937-5524 or wwise@postandcourier.com.