×

New mXP Research Reveals Americans are Gearing up for Savings this Tax Season

RHINEBECK, N.Y., April 12, 2016 (GLOBE NEWSWIRE) -- Phoenix Marketing International (http://phoenixmi.com/), a global marketing research firm, today revealed new insights from the company's mobile engagement platform, mXP, regarding tax season. The three-part single question micro-studies were sent across the platform's network of 12 million+ mobile device users. According to the findings, from prep to refund, savings is the main concern of Americans this tax season.

When asked, how do you complete your taxes, 49% of respondents said they would be doing their own, while only 28% said they would be using a professional. Of those preparing their own taxes, 41% are doing it to save money. 12% of taxpayers are having family or friends prepare their taxes.

53% of respondents plan on either outright saving their tax refund, or using it to pay off credit card or student loan debt. Only 8% of respondents plan on their refund going towards a large purchase, such as car or house, 8% plan to use it towards a trip, and a scant 5% plan on investing it.

"In the past, companies have looked forward to tax season hoping consumers will use returns to splurge; however, these new findings confirm a continuing trend of Americans saving more money," said Katherine DiPlacito, Phoenix Marketing International Research Analyst. "This past December, U.S citizens reached a three year high for savings levels, according to a U.S Commerce Report. Those behaviors appear to continue during this tax season."

"This could ripple across many industries from retail to credit card companies and financial institutions as well as the automotive sector," stated Ellen Sills-Levy, SVP, Phoenix Marketing International. "Consumers' plans to save presents new challenges for companies who have typically offered consumers all sorts of offers for spending their tax dollars."

Regarding preparation timing, 56% of taxpayers said they start when forms arrive, 19% said a month before, and 12% said other. Interestingly, when it comes to procrastination, people were more likely to start preparing their taxes the night before they're due than the week before.

The mXP platform reaches out, via mobile devices, to individuals daily to capture their opinions of various topics of the day. Consumers can be reached - and re-targeted - at specific locations as they shop for products, utilize services or engage in activities, to capture their in-the-moment experiences.

About mXP

mXP, powered by SessionM, is a suite of mobile products that include Phoenix's best-in-class market research methods, vertical industry expertise, and advanced analytics. mXP products provide access to an extensive network of on-the-go consumers, sourced from 100+ million mobile device users and among a coalition of 1,700 integrated mobile apps. mXP provides marketers with insights quickly, acquiring more than 275,000 responses each day, allowing for accelerated delivery of decision-making information and answers to business critical questions.

CONTACT: kristin johnson, kristin.johnson@phoenixmi.comSource:Phoenix Marketing International