While many mall stores have had a rough first quarter, laying off employees or closing stores, the home improvement industry is showing signs of promise. Home Depot saw a 7.1% boost in same-store sales this quarter, as well as announcing a stock buyback program. The company reported broad growth in all categories across the country. Like many flooring retailers, the big box stores are seeing strength in housing as a driving factor, as well as impact from the Federal Reserve planning to raise interest rates.
That said, the dreaded annual tradition of taxes is here, and the National Retail Federation reported that more Americans than ever plan to save their tax refunds or pay down debt instead of shopping. Of the 66% who are expecting a refund this season, only 20.9% of consumers will spend their refunds on everyday expenses, 8.7% will use them for major purchases such as a television, furniture or a car, and 7.6 will splurge on special treats like dining out, apparel or spa visits.