Home Furnishing and Footwear lift continued into April; Apparel, Auto Parts, and Electronics lift subsides

Available to clients in the IRS Payments dashboard. Contact Sales for details.

Consumers who received a tax refund in the 2024 tax season continued to outspend their peers in the four weeks ending April 27, 2024. Most categories saw 3 to 4 points of additional YoY growth in April. Home Furnishing and Footwear stood out with 10 and 7 points of additional growth, respectively; Home Furnishings’ magnitude of outspending was unchanged from March, while Footwear’s expanded three points. 

General Apparel, Auto Parts, and Electronics saw their outspending slow considerably from March to April, as those categories experienced a large lift from refunds earlier in the season. 

Home Furnishings has also been negatively impacted by student loan payments that resumed in late 2023.

Express, Adidas, Wayfair, Macy’s, Lululemon benefited in April, as noted in the full report.