By Marcus Leach

Almost half of businesses (44%) will not be holding a Christmas party this year according to new research from LondonlovesBusiness.com.

Additionally, more than a third (35%) of managers will be working between Christmas and New Year, highlighting the impact the looming double dip recession will be having on businesses this festive season.

The research, which polled 500 intermediate managers across a variety of sectors in London, also reveals that almost one in five businesses (18%) are blaming the current economic climate for their decision not to hold a party, admitting that they don’t have the budget for Christmas celebrations this year.

However, 67 per cent of managers polled said they would be willing to contribute to the cost of a Christmas party to ensure they have a festive night out with their colleagues. Interestingly, young people are more reluctant to financially help out with Christmas parties.

Nearly one in five (19%) 35-44 year olds surveyed don’t believe they should have to chip in for their festive work night out, compared with just four per cent of over-55s who wouldn’t be willing to pay.

Further to the lack of Christmas cheer, one in ten businesses is demanding that employees work during the three days between Christmas and New Year in order to weather the economic storm. Only 16 per cent of those surveyed can take the days off without losing holiday entitlement.

“The research is rather bleak overall, and acts as a dim reminder that despite the time of year and the Christmas season fast approaching, economic uncertainty is still impacting on us all," Sophie Hobson, editor of LondonlovesBusiness.com, commented.

"Add to that, the large number of managers due to be working between Christmas and New Year and it would seem from a business point of view, ‘tis the season to be melancholy!”

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