The event is now being replaced by a festive celebration in Exeter city centre.
The event was set to take place on 25 November but a "festive celebration" will now take place instead.
InExeter, the Business Improvement District , announced the cancellation blaming a "rise in operational costs". Mat Jarratt, chairman of directors at InExeter, said the scale of road closures, the number of people needed to run the event and the associated costs were all factors.Mr Jarratt added: " has meant that we have had to look at what style of event is best for Exeter in this tough financial climate.
“Christmas is such an important part of the city calendar and the yearly celebrations funded by the businesses through InExeter are key to that success.”
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