Business Gifts to Total $5 Billion, Survey Finds
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Small-business owners will spend more than $5 billion this holiday season on gifts for clients, employees, vendors and peers. That’s according to a new survey by American Express, which estimates that about 3 million business owners will shell out about $1,800 each for business-related gifts.
Food is the most popular choice for gifts to customers, while cold hard cash is the present that business owners bestow most frequently on employees.
Why do they do it?
Well, generosity of spirit might be part of it, but mostly it’s good for business. More than 70% of business owners surveyed said corporate gift-giving is a key part of their marketing strategy, and 56% said it has led to increased sales.
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