Brits 'ditch' office parties in credit crunch

Office birthday parties are among the first casualties in the credit crunch, according to new research.

With utility bills, petrol prices and mortgage costs rising, Britons are having to cut back on what they spend.

And it seems that buying presents for colleagues, attending corporate events or buying a present or card for a co-worker is seen as one of those luxuries that the British workforce can do without.

Research from pennygifts.com revealed that 24 per cent of Britons said their colleagues and work friends would be the first to be struck off from their birthday present list.

According to the study of 2,000 people, the average Briton buys 9 presents for friends and loved ones every year, while some 15 per cent buy more than 35 presents a year.

As Brits become increasingly cash-strapped they said they will choose to opt out of office birthday parties or corporate events to save money.

Phil Angell, director at pennygifts.com, said: "For millions of Brits, the credit crunch and various cost of living hikes are beginning to bite.

"Many are thinking about the financial cutbacks that can or need to be made to survive the tough times and it's a real shame that present buying is now in the firing line. This need not be the case though.

"When it comes to buying gifts, for most people it is the thought, not the cost of the gift, which really counts."

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