Nancy Wright, president of Chicago’s Blue Plate catering, remembers a time not too long ago when corporate clients spared no expense for the holidays.
“You’d go from ballroom to ballroom, and each would be grander than the next,” she said. “It was an annual occasion you looked forward to on so many levels.”
Five years ago, six-figure parties weren’t unheard of, and part of an accepted year-end ritual to boost employee morale. But the recession and waves of layoffs put a quick end to high times, with pricey bashes falling out of favor in 2008 and 2009.
Just like millions of American households that have felt the economic pinch, companies have adjusted their holiday plans, opting for simpler, smaller celebrations.