Tax return spending helps boost local economy
Thu, 14 Mar 2013 00:16:33 GMT —
mericans are cashing checks from Uncle Sam as income tax season continues.
While choose to pay off past debts or put the funds from tax returns into a savings account, many have opted for home improvements.
"We're spending our tax return on remodeling our house. Painting, new closets, flooring", says Donna Chapmon
Home improvement isn't the only trend in return spending. Businesses like Best Buy are seeing an increase in residents looking for the newest in technology.
"You will see an influx on larger purchases. People coming in to finally finish that kitchen, or upgrade their laundry, or getting rid of that two-year-old TV. Laptops, people getting ready for the next school year", says Best Buy Manager Sal Barrera.
Street Toyota says income tax returns and warmer temperatures are also driving car sales.
"It's the tax returns, it's good weather, it gets sunny, it get warm. Most of your car buying is done outside, so people come out and they're looking at cars. A lot of people have been waiting to buy a car, and now the stock market's up, the economy's up", says Dave Walker of Street Toyota".
Some residents are even splurging their new found wealth on exotic pets, says Texotic Pets owner, Norm Pray. "February and March are usually two of our better months. It all comes down to the synchronization of getting the baby birds and people having the money to buy them".