'Tis the season for cancelling corporate parties
"There are lots of companies that are focused on being responsible to their shareholders and making sure they're giving their value back to their shareholders," said Ken Kristoffersen, who runs Experiential Events.
Event planners say most companies still want to reward their employees in some way, but they are trimming menus, eliminating free booze and ditching live bands, especially big names that have to be flown in.
Walking away from deposits
"It's cheaper for them to cancel the party than to have the party," he said. "One company in particular that was planning a fairly big party at a fairly decent venue, flat out called and said they are cancelling."
Kristoffersen said the parties were planned well before the drop in oil prices and the stock market turmoil, so he is curious to find out what will happen next year.
"Obviously next year people are going to be doing their planning knowing what the state of the economy is, whereas this year's planning was done in the previous economy."