No New Year's Eve party this year amid cash crunch

Amid the demonetisation and severe cash crunch in the country, people this time is in no mood to spend money on New Year's Eve celebrations. 

The star-rated hotels in  metros have registered a decline of about 5-7%, as showed by  ASSOCHAM Social Development Foundation survey.

According to the fortnight long survey carried out by the Foundation, many hotels have not revised rates of New Year packages and have in fact lowered the rates by about 2-3% and are bundling various offers, promotions, deals and discounts on services in one package at a bargain price.

"Many party-goers are hoping to get some good discounts at star properties, most others plan to celebrate the New Year’s Eve at house parties with friends and family or at their home", the survey found.

Will the situation continue in 2017 too?