WASHINGTON - As odd as it may sound, it is hope-springs eternal for American retailers on this tax deadline day. They're hoping those getting tax refunds will continue doing what they've been doing with the extra cash.
Retail sales were up in March, and analysts can't help but think tax refunds had a lot to do with it.
"This year about two-thirds of Americans are expecting a tax refund, that's about the same amount as last year," Ellen Davis with the National Retail Federation said.
What's different from 2010 is more people are willing to spend 2011's refund, even on big ticket items like furniture or electronics.
Davis says a survey finds more Americans, who in recent years used refunds to pay down debt, plan to treat themselves this year.
"Because people have done such a good job of being very prudent with their money, it's nice to have a few $100 from Uncle Sam that you feel like you can do whatever you want with," Davis said.
Like consumers, though, retailers are keeping a wary eye on the gas pump.
"At the end of the day, when gas prices increase, it means that people have less of their paycheck or their tax return to spend on other things," Davis said.
It's the retailers who sell those other things who hope to get a cut of the $3,000 the average American will receive in tax refunds.
(Copyright © 2011 NBC Universal, All Rights Reserved)