Headline : Americans planning frugal uses for their 2023 tax refunds

Read more from the original article on here at www.purdue.edu.

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WEST LAFAYETTE, Ind. — Americans likely are receiving smaller tax refunds than they have in recent years, and most people will not be going out to spend this money, according to the February 2023 Consumer Food Insights Report. This month’s report also looks more closely at religious demographics and includes new data on frozen food preferences.

The survey-based report out of Purdue University’s Center for Food Demand Analysis and Sustainability assesses food spending, consumer satisfaction and values, support of agricultural and food policies, and trust in information sources. Purdue experts conducted and evaluated the survey, which included 1,200 consumers across the U.S.

“Of those who will be spending their tax refunds, improving food purchases is top of mind, which suggests that refunds are a part of reinforcing some households’ food situation,” said Jayson Lusk, the head and Distinguished Professor of Agricultural Economics at Purdue, who leads the center. Americans expect to receive a tax refund of $1,940, on average. They plan to use most of it for savings, for investment or to reduce debt.

In food spending, American consumers appear to be in a holding pattern.

Read more from the original article on here at www.purdue.edu.

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