Published December 10, 2024

2024 Holiday Party Survey Report

Companies appear to be in party mode once again this year, according to a new survey released Tuesday from global outplacement and executive coaching firm Challenger, Gray & Christmas, Inc. The survey was conducted online among 173 Human Resources and Business Leaders in November and December at companies across industries and sizes nationwide.

Holiday Party Plans: A Steadying Tradition Amid Tightening Budgets

Holiday parties remain a cherished tradition for many organizations, with 64% of companies planning holiday celebrations this year, matching last year’s figure. Notably, there is a slight increase in virtual events, now reported by 4.5% of companies, up from 3.9% in 2023. Interestingly, the number of companies reporting they never hold holiday parties decreased to 6%, down from 8% last year.

“COVID ushered in the virtual party, and with many teams working remotely, this way to connect has some staying power,” said Andrew Challenger, Senior Vice President and workplace expert at Challenger, Gray & Christmas, Inc.

Economic concerns are influencing holiday budgets, with 17% of companies planning to reduce party expenditures, a significant rise from 8% in 2023. Additionally, 2% of organizations are skipping holiday celebrations entirely due to economic pressures.

Layoffs and Hiring Expectations: An Optimistic Outlook

Nearly 40% of companies reported layoffs in 2024, a noticeable increase from 28% in 2023. However, the outlook for 2025 appears cautiously optimistic, with just 16% of companies planning layoffs, down from 21% last year.

While some organizations are still in cost-cutting mode, with 26% reporting ongoing reductions, others are actively hiring. 31% of companies have avoided layoffs and are expanding their workforce, though concerns about the future economy persist, with 16% predicting slow hiring in 2025.

Business Conditions: Stability with Uneven Growth

As companies enter 2025, 41% report business conditions are on par with last year, while 21% note improvement. However, challenges remain, with 13.75% citing worsening conditions and 18.75% reporting mixed performance across business segments.

Looking Ahead to 2025

“With economic uncertainty continuing to shape decisions, companies are balancing workforce needs, budget constraints, and efforts to maintain traditions like holiday celebrations,” said Challenger.

“The trends identified in this year’s survey underscore the resilience and adaptability of HR and business leaders as they navigate evolving challenges, but show that while there is optimism for the next year, there also appears to be some caution,” he added.

About Challenger, Gray & Christmas, Inc.

Challenger, Gray & Christmas, Inc. is the premier global outplacement and executive coaching firm dedicated to helping individuals and companies navigate career transitions with authenticity, expert guidance, and warmth. Through meaningful, positive change, we empower organizations and individuals to thrive in a dynamic business environment.

Survey Demographics

The largest sector represented was consulting at 19.59%, followed by finance and financial services at 12.37%, and healthcare and pharmaceuticals at 9.28%. Most respondents hail from organizations with 1-300 employees (36%), while 15% of respondents came from companies with 1,000-5,000 employees.

Contact Colleen Madden Blumenfeld for more data or to set up an interview with SVP Andy Challenger.

 

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