Businesses still downsizing plans for holiday parties

AP is reporting that businesses are still downsizing holiday parties, or not even having them at all. Many companies are hesitant on whether to spend a lot of money on fancy parties at upscale restaurants. As a result, many small businesses are moving these parties to the office and tightening the budget a little. Could this be an economic indicator of how well the economy is doing? I believe it can be an indicator. It's not just a coincidence that companies are reducing these parties during the bad economic times. Some of these companies believe that some of this money will be useful going somewhere else, instead of entertaining employees. Also, some people do not think its right to be spending money, when others don't have money to spend. So all in all, signs point to this being an indicator to how our economy is really doing.