The culture of corporate gifting also witnessed a cutdown, a sharp contrast to the days when clients and employees were lavishly given freebies in a soaring business environment. Some companies even used to offer employees long weekend holidays to the destinations of their choice.
T V Mohandas Pai, the HR head of Infosys said, "The economic environment is flat. There is a lot of cutdown in gifting for customers. However, one has to make the most of it. Exuberance has given place to seriousness".
The sweet shops which literally thrived on the sales from IT employees during the festival season also saw minimal business this festive season. For Anand Dayal Dadu, managing partner, Anand Sweets, one of the oldest sweet shops in Bangalore, whose 75 per cent Diwali sales came from software firms, sales this festival have dipped substantially, thanks to the 'global recession".
"Companies which used to place orders for sweet boxes worth Rs 28 lakh for Diwali have slashed it to a mere Rs 7 lakh this time," he said.