Stimulus Shopping Spree? Many Americans Plan to Purchase Consumer Goods with Stimulus Checks and Tax Refunds

TALLAHASSEE, Fla.—A recent survey showed that 42% of Americans say they plan ahead on how to spend their tax returns or federal stimulus checks with nearly one-third (31%) intending to purchase appliances or consumer goods. With an influx of $1,400 stimulus checks and tax returns soon to be lining many Americans’ pockets, the Service Contract Industry Council urges consumers to protect their investments by purchasing a service contract.

“Appliances and consumer goods can be costly, and a service contract today can save you hundreds down the road,” said Tim Meenan, Executive Director and General Counsel. “With nearly a third of Americans planning to use their federal stimulus checks and tax returns on appliances and home goods, a service contract can provide peace of mind.”

The average cost to repair a laptop screen is between $200 and $300. The average cost to repair a TV is approximately $200 and can be much higher. The cost to repair a washing machine can run from $100 to $350, and the cost to repair a refrigerator/freezer can run up to $400.

In another recent survey, among parents whose kids used remote learning this year, 50% say they’ve had to repair or replace a laptop or electronic device needed for school. And more than 4 in 10 Americans who have worked remotely this year have had to do the same. The majority of Americans embarked on a DIY home improvement project during the COVID-19 pandemic. But of those who attempted a project, nearly two-thirds (62%) said their failed fixer-upper left them needing to repair or replace a household good.

Service contracts offer flexible benefits that may include discounted product repair and replacement, in-home repair service, 24-hour technical assistance, and major component coverage. Contracts can also cover broken buttons, power supply failures, power surges, pixel burnout, and plug and speaker issues.

Most retailers sell service contracts for electronics at the point of sale, and they can also be purchased for items you currently own. For more information about service contracts and a full list of SCIC providers, visit go-scic.com.