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How Tax Season Impacts Consumer Spending

With tax season officially drawing to a close, that means that more people might have more spending money thanks to their tax refunds. When people have a little more money to spend combined with reduced prices, their impression of their own financial situation improves.

How will tax season affect you and your c-store? What can you do to take advantage of the season to drive traffic and sales into your store? Let’s take a look at some of the things to expect over the coming weeks and month in your convenience store.

More Travel

Taking family vacations isn’t cheap, but when you have a few hundred or thousand dollars from a tax refund, you’re more likely to take a weekend trip. In addition to tax season, the weather is also starting to warm up, so you should expect to see more travelers passing through.

With this increased traffic, expect to see more gasoline sales, especially if your c-store is on a popular route out of town. Don’t just stop there, though—entice them to stop inside your store to pick up more.

We recommend that you advertise special discounts on some camping and road trip necessities like drinks, snacks, firewood, ice, and anything else. Display these specials prominently both in and outside of your c-store. If you need signage tips, be sure to check out one of our recent blog posts.

More Impulse Purchases

With some extra money to spend, your shoppers will likely be more willing to pick up some impulse buys as they walk through the store. Make sure that you strategically place impulse buy items like candy, magazines, etc. throughout your store and at your checkout stand. You want to encourage them to buy as much as a possible, and with some tax refund money in their pocket, your shoppers will have no problem spending a few bucks more each trip.

Remember that the products that typically fall into the “impulse buy” category are small, relatively inexpensive, healthy, or practical. Many customers also purchase seasonal products on impulse so ensure that you are stocked up on the latest spring and summer essentials.

Paying Bills

While many people will be willing to part with their tax refund money on impulse buys or travel, others aren't. Many consumers choose to save their tax refund for a rainy day or decide to use the opportunity to catch up on their bills. If your c-store offers a bill pay solution like ours, then you can provide your shoppers with the ultimate convenience of paying their bills at your checkout stand. As an added bonus, you'll get to make a commission on each bill payment transaction. Give your customers added convenience, bring in more traffic, and add a new revenue stream with this solution. 

How do you expect tax season to affect your c-store? Have you seen these trends in the past? Even if you aren’t paying attention to the trends, they’re more than likely affecting your store. Make sure you stay ahead of the curve and use the increased spending to your advantage!

 

Offering a bill pay service to your customers couldn’t get any easier! Learn More

in Industry News, Building Your Business, Consumer Trends, The Banking Revolution, Seasonal Trends