Fewer U.S. taxpayers have received a refund this year in the run-up to tax day compared to 2023, signaling some consumer spending may be disrupted.
Data from the Internal Revenue Service showed that 66.8 million taxpayers were reimbursed through April 5 compared to 69.1 million through April 7 last year. That means that 3.3%, or roughly 2.3 million, fewer Americans obtained the boost to their finances that they got in 2023.
Still, while the number of refunds dropped, the average amount received ticked higher to just over $3,000 compared to almost $2,900 last year. Americans are increasingly reliant on these refunds, with many saying they'd use the extra cash to pay off debt, according to a survey conducted by LendingTree.
