I have heard it on news reports and from local vendors, corporations are cancelling Christmas. I don't believe any company can afford to cancel any event or celebration that boosts morale.  In an article published by Edward Lowe Foundation it is stated that in order to boost company morale during an economic downturn "...celebrate holidays.  Even if budgets are tight and morale is low, hold festive gatherings to pump up the team".  I whole heartedly agree.