Most of the Americans Plans To Not Use Their Tax Refund To Go Out: According To Survey

Americans’ tax refunds are probably less than in previous years, and the majority of folks won’t be using this money to go out and spend it.

In a survey-based report, the Center for Food Demand Analysis and Sustainability at Purdue University evaluates consumer values and satisfaction, food spending, support for agriculture and food policies, and trust in information sources. 1,200 consumers from all throughout the United States participated in the poll, which was conducted and reviewed by Purdue experts.

Increasing food purchases is the top way that people will spend their tax returns, according to Jayson Lusk, chairman and distinguished professor of agricultural economics at Purdue, suggesting that refunds have a role in supporting certain households’ food situation. On average, people anticipate receiving a tax refund of $1,940. The majority of it will be used for investments, debt repayment, or savings.

According to an article published by Purdue University on March 18, 2023, the American public seems to be stagnant when it comes to food purchases. Despite some optimism for a decline in food inflation, consumers are unable or unwilling to increase their food expenditures from what they are at the moment. Unless economic conditions deteriorate, which is a serious risk, He would also not anticipate a decline in food spending.

The research for this month emphasizes the importance of frozen foods in many consumers’ diets. The most popular item individuals choose from the freezer section is frozen vegetables. Price seems to play a significant role in that choice, Lusk observed.

More than 60% of the customers polled believe that fresh food has a somewhat better or much better nutritional profile than frozen food. The science does not support this idea for the majority of foods, or the nutritional differences are too little to be significant.