Sayantan Sinha, a freelance public relations consultant, finally broke the news to his girlfriend. He couldn’t afford a gift for her this Diwali.

Last year had been different. Sinha had given her a pair of diamond earrings. The downturn was an unknown phenomenon then. Then, things changed. Stock markets crashed.

The doom of the slump that hit the world economy has marred the festival spirit for many. While the worst is slowly receding, it has put a dampener on Diwali for professionals like Sayantan, who are devising innovative ideas for gifts, and handing out fewer this year, to keep their savings intact.

Public relations and advertising firms are the worst hit, witnessing a major slump in revenues in the last few months. Vinita Ghosh, who works at a small consulting firm, said her company has not sent out gifts for their clients this year. “Things are certainly different this year. Our company gave us gifts last year,” she said. “I’d be happy if I get a bonus this time.”

The company gift lists have been shortened. Expensive gifts like bottles of wine and crystal embedded decorative pieces have been replaced with candles and chocolates boxes.

Compromise is the spirit of the season and innovative gifts are the norm.