SAN FRANCISCO - ALTHOUGH the US economy may be improving, companies are planning fewer holiday parties and less revelry than last year.

Fewer firms plan to break out the bubbly this season than in 2008, at the height of the global financial crisis, according to a survey from Challenger, Gray & Christmas Inc.

Only 62 per cent of about 100 companies questioned in a survey said they were planning parties this year, down from 77 per cent a year ago and 90 per cent in 2007.

Sixty-four per cent of companies that are going ahead with parties said they would spend the same amount as a year ago, and 28.5 per cent are spending less.

Nearly two-thirds planned to do without a caterer, event planner or other outside service, which could mean an employee will be conscripted to set up the party - or that workers will have to help stock the refreshment table themselves.

This year's dampened spirit comes as no surprise as companies cut more jobs and Americans try to save as much money as they can. -- REUTERS