AMERICANS ADJUSTING THEIR SPENDING FOR 2013
With the end of the two-year-long payroll tax “holiday” in January, many working Americans are paying 2 percent more in Social Security taxes this year.
This has left them with less take-home pay, and, as a result, nearly three-quarters (73.3%) of workers say they are revising their spending plans for 2013, according to the National Retail Federation’s (NRF) “2013 Tax Returns Survey,” conducted by BIGinsight. The poll of 5,185 consumers was conducted Feb. 5-13, 2013.
Here are some of the results.
• 58.2% of those polled say their spending, saving or budgeting plans have been either somewhat or greatly impacted.
• 45.7% say they will spend less overall.
• 35.6% will watch for sales more often.
• 33.5% will reduce how much they dine out.
• 24.5% will spend less on “little luxuries,” such as trips to coffee shops, manicures, high-end cosmetic items, etc. (This also could include flower and plant purchases for personal consumption.)
Source: National Retail Federation
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