They plan to visit nearby destinations like Jaipur and Agra, it added.

"This New Year season majority of Delhilites are likely to take a shorter holiday trip, nearer to their homes and reduced their budget by 40 per cent than the last year due to rising cost," it said.

Majority of respondents said they would go on a vacation to destinations within or around Delhi, like Jaipur, Agra, Shimla, Nainital or Kasauli, as these options are more affordable, Assocham Secretary General D S Rawat said.

"Around 82 per cent of surveyed people said Jaipur is their first priority followed by Agra, Shimla and Nainital on the list of favoured holiday destinations," the survey said.

The chamber said it has surveyed about 2,500 executives working in different sectors like finance, IT/ITeS, insurance, infrastructure and FMCG.

The survey said majority of families going on a holiday between end of December 2012 and beginning of January 2013 are expected to spend an average of Rs 10,000 to 15,000 on the trip, which is about 40 per cent less than their last year's budget.

Further, it said, even the duration of the holiday planned is down to an average 2 nights this season from 3 to 5 nights last year.

However, about 15 per cent respondents said they have set aside higher budgets for trips to destinations including Goa, Kerala, Andaman and Nicobar and Rajasthan, it said.