Does it matter if you don't have an engagement party?

My partner and I got engaged the weekend before Christmas. We both then spent Christmas with our families in separate states and were individually spoilt and fussed over. Is it overly important to have an engagement party as our family and friends are all over the country. Would rather now dive in with wedding planning and save every penny for our wedding...but feeling like we may be missing an important part of being engaged without an engagement party??!