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The business axiom that retailers require a strong holiday season to serve as a boost for the next year is truer than ever in 2016, according to the American Express Holiday Growth Pulse survey.
Proof: Nearly six in 10 small business retailers, 59%, believe their potential for growth in 2017 is contingent on a successful holiday season. That figure rises to 89% for middle market retailers, the survey shows. It's a big reason why hiring and marketing, especially social media promotions, are on the rise, the survey adds.
“As small and middle market retailers gear up for this critical season, many are offering promotions to draw customers in and hire additional staff to ensure quality customer service during the busy season,” American Express Global Commercial Payments President Susan Sobbott says in the survey report.
Another burgeoning trend in retail, particularly in the holiday season, is discounts. More than two-thirds of small business retailers, for example, 67%, say their company will offer holiday discounts in 2016. Among those with discounts, 58% will start the same time as last year, while 42% will start earlier this year.
American Express queried 1,502 small and middle market businesses across a variety of industries. Small business retailers defined by the survey have fewer than 100 employees and annual revenues of at least $250,000, while middle market retailers are companies with up to $1 billion in annual revenues.
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