Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Consumers Will Be Saving, Not Spending, Tax Refunds
The National Retail Federation’s recent survey shows consumers are opting to either save or pay off debt with their returns, although a select few will still “splurge.”
Washington--A recent National Retail Federation survey shows that a record number of consumers plan to save their tax returns this year, with only a small percentage reporting that they plan to use the extra money to buy something big.
The NRF’s annual Tax Returns Survey showed that nearly 50 percent of those expecting a refund plan to save the money rather than spending it right away, the highest percentage in the survey’s history.
In addition to saving, about 35 percent of survey respondents plan to pay down debt, and 22 percent said they will use the money for everyday expenses. The rest will book a vacation (11 percent), buy a major purchase like a TV or car (9 percent) or splurge on something like a spa service or elaborate night out (8 percent).
“Americans this year see refund season as a time to improve their financial health by using their refunds to get ahead on savings goals and plan for bigger purchases in the future,” said NRF President and CEO Matthew Shay. “Money saved is money waiting to be spent.”
When it comes to young adults and their refunds, the survey found that 57 percent of 18 to 24 year olds plan to save their return, while 27 percent will use it for groceries, gas and other everyday purchases. Still, some will have fun: 13 percent said they’d spend it on a vacation, and 13 percent will splurge on other items.
For 25 to 34 year olds, more than half said they’ll put their return in savings, and 45 will pay down debt with it.
“Millennials are being wise and putting saving ahead of splurging as they look for ways to get ahead,” said Pam Goodfellow of Prosper Insights and Analytics, the firm that conducted the survey for the NRF. “Young adults see their refund as an opportunity to build their savings without making a dent in their monthly budget.”
The NRF’s Tax Returns Survey was conducted from Feb. 2 to 9.
The Latest
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show