Andrew Hawkins, Managing director, DCH
What a question. Damned for profligacy if you say 'no'; damned for miserliness if you say 'yes'; and damned for being dull if you say 'have one, but only in moderation'.
The Guardian recently used the office Christmas party as an index of the economy's decline, quoting a poll by the grandly named Chartered Institute of Personnel and Development (please don't invite me to yours, I'm washing my hair that night) that showed 25% of private sector firms have cancelled theirs, while others have cut back.
Contrast this with Christmas 2007, when Barclays Capital partied for two nights at a cost of £600,000, and London Metal Exchange traders celebrated Christ's birth with lap dancers, dwarves, and no wise men.
The Guardian rightly argued that cancelling Christmas is a false economy, especially as we are genetically programmed to expect a blow-out at this time of year. Maybe the answer lies in the question: just do something appropriate and have fun doing it, because if not now, then when? Merry Christmas, marketing people.
Maureen Duffy, Chief executive, Newspaper Marketing Agency
To thank the staff for their efforts and to motivate them for the year ahead is just as important, if not more so, when times are tough.
People are working extremely hard, often putting in extra hours, to get the job done. The Christmas party is one way of showing that their efforts are appreciated.
Of course, the state of the market affects what you do, but companies don't have to spend lavishly to give their staff a good night out. People know that money is tight and they won't be going to a five-star restaurant, but to cancel the Christmas do altogether could seem petty.
Getting together for a pleasant evening, enjoying each other's company and catching up socially with the whole team is good for morale and helps to ensure that the New Year's work gets off in the right spirit.
As a business expense, the Christmas party - at a sensible level - is fully justified.
Sean Moore, Partner, Cambridge Strategy Centre
While sipping organic gruel and padlocking the doors against the repossessors, we have been wondering about the darkening days that have resulted from markets cutting them-selves adrift of the fundamentals that made them in the first place.
While our last remaining Woolworths' Economy Jotter is covered with squiggly big pictures, celebrating Christmas has never been in doubt. Camstrat's extended family will be gathering, as is our wont at Soho's most convivial establishment (The Union, if you're interested) for a modest feast.
But there are party games we will definitely not be playing; pass the parcel of risky assets; blind banker's bluff; and, of course, liar dice.
Instead, we will defiantly raise our schooners of cheap sherry skyward to toast interesting times and Barack Obama before we carry on writing labels for the home-made jam that our clients will be getting for Christmas.
Martine Ainsworth-Wells, Marketing director, Visit London
Visit London's role is to stimulate spend in the capital across the hotel, nightlife, food and drink, retail, performing arts, transport and attractions sectors. This industry supports more than 280,000 jobs in London and contributes in excess of £15bn to the city's economy.
It is therefore vital that we and all companies demonstrate our commitment to the hospitality industry and the jobs it sustains by continuing to hold our annual Christmas event.
The world hasn't stopped turning, and while we all may wish or need to exercise a degree of measure for financial reasons, not holding a party will assist only in getting us further
into a recessionary state of mind, which plays no constructive role in motivating staff or supporting the hospitality economy.