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A new survey of small business owners from Ink from Chase shows that major retailers, small business owners are preparing for the holiday rush even earlier this year. More than 34% of small businesses are planning for promotions beginning on or before Thanksgiving Day, 47% are increasing marketing or inventory and 22% are planning to raise their social media presence.
On the whole, 34% of small business owners are expecting that their business will perform better in this holiday season than the previous year. Small business owners between the age of 18 and 44 are more optimistic, as 50% believe that their business will preform better in this holiday season, while 29% of small business owners who are above the age of 44 believe that this holiday season will be more successful.
52% of small business owners are attributing this success to better marketing, 50% expanded products and services offered and 49% increased consumer demand. 38% of younger business owners are more focused on utilizing friends and family discounts and 18% of small business owners over 44 years age think the same. 41% of younger small business owners are likely to increase social network promotions and 24% of business owners over the age of 44 think similarly.
21% of small business owners are expecting an increase in mobile commerce about 13% in this holiday season. 77% of small business owners expecting that customers are likely to pay with debit or credit cards this holiday.
On the whole, 58% of small business owners are planning to spend extra money on celebrations this year or employee gifts, whereas 71% of business owners between the ages of 18 and 44 are planning to spend extra on celebrations and employee gifts. Overall, 35% of small business owners are planning to work long hours this holiday season.
Source – Business Wire