Small Businesses Give Customer Presents, Few Raises
GDA Staff -- Gifts and Dec, 11/8/2010 12:54:11 PM
Almost half, 44 percent, of small business owners will be giving Christmas gifts to customers this holiday season, according to AmericanExpress OPEN. And they're spending more on them: the mean price is $740, up from $455 last year. There's an opportunity for gift retailers here: more businesses say they want to send "unique gifts" -- 12 percent, up from last year's 7 -- rather than traditional corporate choices such as food baskets, calendars or gift cards.
However when it comes to employees, Scrooge is still in the house. 36 percent do plan to give gifts to their employees, essentially flat to last year's 35 percent. But fewer small businesses are planning holiday parties (37 percent compared to last year's 42 percent); only one quarter plan to give end of year bonuses, down from 31 percent in 2009: that's the lowest in the history of the American Express OPEN Small Business Holiday Monitor. And only 14 percent plan to give raises. 31 percent aren't planning to do anything at all for their staff for the holidays, about the same as last year's 30 percent.
Compared to last year, more small businesses say that as a result of the economic downturn, they are giving fewer and less expensive gifts and finding ways to avoid laying out cash. However interestingly, this year more people said the economic downturn has increased their holiday gift spending: 15 percent compared to last year's 11.
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