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Small Business Holiday Gift Budgets Hold Steady, but Fewer Plan Bonuses and Raises for Employees, According to the American Express[R] OPEN Small Business Holiday Monitor.

Publication: Business Wire
Publication Date: 09-NOV-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Will Spend Average of $455 on Customer Gifts; 31% Will Give Year-End Bonuses to Employees

NEW YORK -- Less than half (47%) of small businesses plan to give gifts to customers this holiday season on par with last year (52%), and their total customer gift budgets remain steady versus last year ($455 in 2009 vs. $457 in 2008), according to the American Express OPEN Small Business Holiday Monitor, an annual survey of business owners conducted since 2002.

But in this economic environment, fewer small business owners (35%) are giving employee gifts (vs. 46% in 2008), 31% have plans to give year-end bonuses (vs. 44% in 2008) and 16% will give raises (vs. 30% in 2008). Almost half of business owners (47%) will give employees time off over the holidays, even with last year (47%), although they are less inclined than last year to participate in a volunteer activity with their employees (19% in 2009 vs. 28% in 2008).

Overall, more than two thirds of business owners (69%) do not believe the worst of the U.S. economic woes are over, and nearly six in ten entrepreneurs (57%) say the economic downturn has changed their holiday gift giving behavior.

* Four in ten...

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