A new survey gives the first hint at what the Christmas season might look like for retail.
The holidays will be upon us faster than you imagine. It’s a time of year that many small business owners know can make or break the bottom line. Will the holiday season be naughty this year…or nice?
Looks like it’s going to be nice. Consumers are expected to spend the highest amount in the 14-year history of the National Retail Federation’s annual holiday spending survey.
RELATED: NFIB has you covered for the holidays. Check out our small business survival guide here.
This year, the NRF estimates that holiday sales will increase 3.7 percent to $630.5 billion. Consumers said they expect to spend an average of $805.65 on presents, food, decorations, cards and other Christmas-related items. Last year, holiday sales represented 20 percent of total retail industry sales.
Here’s what your small business can do today to make the most of this holiday season:
Optimize your Small Business Saturday.
Market Small Business Saturday to your social media followers and encourage consumers to choose your small business with attractive deals and appealing items.
Reach out to loyal customers.
Conserve your budget and efforts by focusing on repeat customers.
Go mobile.
Much of this season’s increase is expected to come from people using their smartphones to shop. The survey found that 21.4 percent of shoppers plan to shop via mobile device, with an expected $105 billion in online sales. Make sure your online presence is mobile-ready this year to capitalize on this opportunity.
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