The most common and most likely answer to this crossword clue is the 8 letter word REVELLER
I've seen this crossword clue in Financial Times
R
E
V
E
L
L
E
R
More clues leading to the result REVELLER
Buddy explains!

The straight part
We know that "One in spirit of party" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case one in spirit of party = reveller.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does REVELLER mean?
REVELLER noun- One who attends revels; a partygoer.