With the tight economy many businesses are scaling back the costs for holiday parties. Viacom, CitiGroup and American Express Publishing have canceled their annual festivities.

Bizbash.com has found six ways that companies are trimming costs for employee holiday gatherings: Less flamboyant decor, limiting the party to employees rather than including spouses and significant others, hosting a luncheon instead of a dinner, more comfort food and fewer fancy buffets, focus more on boosting morale and postponing the gathering until the new year to reduce venue costs.

According to Bizbash, many in event planning compare the current climate in the industry to the prevailing concern in the months after 9/11. Frugality seems to be the word.