Restaurants and hotels stung by more 2009 holiday party cuts

TRD MIAMI /
Nov.November 02, 2009 04:18 PM

As businesses settle into a newfound frugality in the recession era, holiday parties are increasingly becoming a thing of the past. For many companies who cut their 2008 parties in the wake of the Lehman Brothers collapse, the lavish, open-bar affairs won’t yet return, and for others who held steady on their celebrations last year, they are now resigning to the severity of the times. This year, only 62 percent of companies nationwide will hold holiday parties, according to a survey by Challenger Gray & Christmas. In 2008, 77 percent of companies held holiday parties, and in 2007 that number was 90 percent. The decision to scale back isn’t necessarily influenced by a business’ bottom line. Firms in the financial sector are especially concerned about the perception of corporate excess. A Bank of America spokeperson said a holiday party “would not be appropriate.” The change of heart is cutting into restaurant and hotel businesses: they say their private party business is down roughly 20 percent this year, even compared to a crushing 2008. Many are offering up incentives to try to lure companies back in to the market.


Related Articles

arrow_forward_ios
Seritage CEO Benjamin Schall, CTO CEO John Albright, and 1460 West 49th Street, Hialeah (Credit: Google Maps)

Seritage sells Hialeah shopping center for $21M

Seritage sells Hialeah shopping center for $21M
South Florida’s retail reopening rollercoaster has brought “confusion and hesitation and fear,” as restaurants and other businesses try to adapt to shifting consumer demand. (iStock)

Retail’s reopening rollercoaster: “Confusion and hesitation and fear”

Retail’s reopening rollercoaster: “Confusion and hesitation and fear”
Southland Mall, 20505 South Dixie Highway in Cutler Bay with JLL's Tom Hall and Danny Finkle (Google Maps, JLL)

Southland Mall’s troubled $65M CMBS loan for sale

Southland Mall’s troubled $65M CMBS loan for sale
From left: Chris Maling, Donald K. DeWoody Jr., David Maling, and Alfredo Sanchez

North Palm Beach mixed-use property hits the market for $45M

North Palm Beach mixed-use property hits the market for $45M
Jared Galbut, Bodega Taqueria

Menin plans major expansion of Bodega Taqueria

Menin plans major expansion of Bodega Taqueria
Raanan Katz and 10760 Northwest 17th Street in Sweetwater (Photos via RK Centers; Raanan Katz)

Miami Heat minority owner pays $20M for Sweetwater Best Buy

Miami Heat minority owner pays $20M for Sweetwater Best Buy
Florida Gov. Ron DeSantis (Credit: Joe Raedle/Getty Images)

DeSantis says restaurants in Florida can operate at up to 100% capacity

DeSantis says restaurants in Florida can operate at up to 100% capacity
Peter Vauthy and Red South Beach (Getty)

The Weekly Dish: Red South Beach signs $5M lease for new space & more

The Weekly Dish: Red South Beach signs $5M lease for new space & more
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...