New Survey Shows Most Companies are Not Changing Holiday Celebrations

53% Say They are Determined to Maintain Tradition

According to a recent survey of 440 senior executives, a slim majority of their companies will be celebrating the holidays exactly as they did a year ago. Jeffrey Christian, chairman and CEO of Christian & Timbers, a global executive research firm that conducted the survey, states, "Companies that are maintaining holiday parties are doing so in the face of economic losses and ongoing worries about safety and security. One CFO of a $200 million global consumer durables company summed it up when he told us, 'We are trying to keep things as normal as possible.'"

"The executives we heard from said that during difficult times, it's more important than ever for people to get together," Christian added. "One executive with a $500 million computer software and services company told us that his firm 'will celebrate all the hard work that our teams have put in over the year and in recognition of the fact that there is potentially little financial upside we can provide this year.'" Christian & Timbers conducted the survey from November 19 through December 7.

Of the 440 senior executives surveyed:

47% were CEOs, presidents or chief operating officers
14% were functional vice presidents
13% were managing partners or managing directors
12% were human resources executives
7% were company founders
5% were chief financial officers
2% were chief technology officers or chief information officers

• 47% of the firms contacted will make changes this year.
• 82% of this group cited economic conditions combined with a reaction to the events of September 11.
• Changes in plans include:
  • Planning more low-key parties or dinners compared to last year (34%)
  • Planning on-premises parties rather than at hotels or restaurants (19%)
  • Eliminating holiday parties altogether (27%)
  • Using monies allotted for holiday parties for charity donations (5%)
    

• 74% of executives said they would not change the way they celebrate at home this year.
• Of the 26% who plan changes, many said that celebrations would be more family-oriented (43 %).
  • Others were reducing air travel (26%),
  • Spending less on gifts (14%),
  • Taking vacations as a much-needed break (11%),
  • Increasing charity donations or community activity (6%).