London's wealthy splashing the cash for Christmas party nights

After two years of holding back, London’s wealthy are ready to splash the cash again this Christmas.

According to Karen Jones editor of Citywealth magazine, London’s richest professionals are already taking the 2010 Christmas party scene by storm. It is “absolutely frantic, it’s just gone bonkers, I’m exhausted already,” she told the London Evening Standard.

“Last year there would only be about two or three parties a night, this year its more like eight or nine,” she added. 

With redundancy programmes becoming a thing of the past for those City firms who are already hiring again, companies are pulling out all the stops in an effort to make their Christmas party nights impress potential new recruits. The phenomenon of “party trumping” is even taking place this year, with some of the banks trying to outdo each other by throwing the most extravagant bash.

London’s event managers and party organisers have been inundated with requests to ‘think lavish,’ with one party for 500 people set to have a Twenties theme and their centre piece is a fountain flowing gallons of gin.

The latest trend to sweep the city is to hold parties in more unusual event venues, private homes that can be hired out for the evening. One gathering of 150 guests saw a property in Knightsbridge turn into a recreation of Ibiza’s nightclub strip.

“People are having fabulous parties again. For a couple of years it has felt inappropriate but this year companies are doing a lot better. They want to celebrate and entertain their clients,” one event organiser said.