British companies to spend almost £1 billion on Christmas parties in 2015
The days of the low-key corporate Christmas party could be numbered, as research shows British businesses are set to splurge almost £1 billion on their festive dos this year.
In the years following the financial crisis, a trend emerged for more pared down celebrations as companies dealt with tighter budgets and, particularly in the financial sector, shied away from lavish events to avoid a public backlash.
But self-service ticketing platform Eventbrite’s Christmas Index suggests that trend is waning, with just 7% of businesses opting for a traditional office-based party.
Eventbrite put the shift down to an increasingly competitive jobs market that has firms feeling a greater need to keep staff on side with “more exciting and experiential parties”.
Nine out of ten of the more than 500 company bosses Eventbrite surveyed for the Index said they were planning something more inventive, with 17% going for an exclusive event at an external venue and almost half splashing out on a slap-up dinner and drinks.
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On average UK companies will spend an average of £42.48 per head on their Christmas events, with professional entertainers, restaurant quality food and bespoke cocktails on the agenda for some.
London-based firms are the biggest spenders, forking out £56.49 per head on average, followed by those in the East Midlands who pay £39.44. Northern Irish companies work to the tightest budget of all of £12.36 per person.
But the purse-strings haven’t been completely cut. Eventbrite’s poll shows that 11% are keeping a lid on costs by booking shared, themed events.
19%
of London firms hope Christmas parties will create networking opportunities
Small businesses are even keener on the concept, which this year may adopt a James Bond or Star Wars theme, with a fifth choosing that option this year.
“We’re seeing an increasing number of shared Christmas parties on Eventbrite trying to fill this gap in the market by offering a more exciting, yet cost-effective alternative,” said Eventbrite’s Marino Fresch.
It’s not all fun and games, however. More than a fifth of London firms are hoping their Christmas parties will create networking opportunities.