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For 37 years, PNC has calculated the prices of the 12 gifts from the classic holiday song, "The Twelve Days of Christmas." The PNC Christmas Price Index® is a whimsical holiday tradition, which this year includes adjustments for the pandemic’s impact on the cost of purchasing the presents in the renowned carol.
2020 GIFT PRICES ABOUT THE INDEX FOR EDUCATORS ACTIVITIES & CRAFTS FOR MEDIA
TOTAL CHRISTMAS PRICE INDEX (CPI)
$16,168.14(-58.5%)
The true cost of Christmas decreased in 2020, as this year’s index accounts for cancellations of many live performances. It’s a silent night at most symphonies and the lights have dimmed for many dancers this holiday season, which contributes to the year-over-year decline.
FIVE GOLD RINGS
$945.00(+14.5%)
Gold Rings show a coupling between commodities and consumer prices this Christmas. As investor interest in the precious metal grew at the onset of the pandemic, so did its price. If True Love is looking for a little sparkle this holiday season, they’ll pay $120 more for this index item than in 2019.
EIGHT MAIDS-A-MILKING
$58.00(0.0%)
As the Federal minimum wage remained unchanged, so does the cost for the Eight Maids-A-Milking, holding steady at $58.00 this year. These lady laborers are happy to oblige, assuming social distancing practices are in place and face masks are a-plenty this holiday season.
NINE LADIES DANCING
Not Available in 2020
As COVID-19 has caused the curtain to drop on most live performances, the nine Ladies Dancing will not have to dash through the snow to entertain in-person. Advocates for the arts are not out of options for the performance lover on their guest list, as virtual performances provide a pandemic-proof alternative for audiences.
TEN LORDS-A-LEAPING
Not Available in 2020
Similar to their dancing counterparts, the Ten Lords-A-Leaping are mostly grounded this year, as benchmarked ballet companies report that performances are halted this holiday season. As consumer spend is allocated from services to goods, there also has been an uptick in consumer savings, which will ensure True Love is no scrooge next holiday season.
ELEVEN PIPERS PIPING
Not Available in 2020
While you may catch a tune from an online performer, you’re unlikely to hear a peep in person from the Pipers this holiday season. With the pandemic triggering the shutdown of most performance-based industries, these musicians will be tuning their instruments in hopes of a return in 2021.
TWELVE DRUMMERS DRUMMING
Not Available in 2020
While drumrolls from these dozen have been dampened by the pandemic, the last item of the index still signifies setting the pace – much like consumer spending this holiday season. As the drumbeat of the U.S. economy, retail sales, savings rates and ecommerce will set the tempo for market growth this holiday season.
"CORE" INDEX (EXCLUDING SWANS)
$3,043.14 (-88.2% )
This version of the CPI removes the most unpredictable gift from the index - the Swans-a-Swimming.
The PNC Christmas Price Index® is an annual tradition which shows the current cost for one set of each of the gifts given in the song "The Twelve Days of Christmas."
It is similar to the U.S. Consumer Price Index, which measures the changing prices of goods and services like housing, food, clothing, transportation and more that reflect the spending habits of the average American.
The goods and services in the PNC Christmas Price Index® are far more whimsical, of course. And most years, the price changes closely mirror those in the U.S. Consumer Price Index. This year, the approach to PNC’s CPI takes into account the sociopolitical environment brought on by the pandemic by using the Index to provide an analysis of current market conditions, while including the impacts of COVID-19 as highlighted by the data.
It’s a fun way to measure consumer spending and trends in the economy. So, even if Pipers Piping or Geese-a-Laying didn’t make your gift list this year, you can still learn a lot by checking out why their prices have increased or decreased over the years.
The PNC Christmas Price Index Through the Years – Interactive Chart
*Revised: 2014 traditional price adjusted to better reflect open-market pricing.
History of the Index
It all started 37 years ago as a way to engage clients of PNC’s predecessor, Provident National Bank in Philadelphia, during the traditionally light holiday weeks. What hatched as the creative brainchild of the bank’s then-chief economist has since grown into one of PNC’s most popular and anticipated economic reports.
TRENDS: HOW THE INDEX HAS CHANGED SINCE 1984
Over the years, trends have emerged, and the PNC Christmas Price Index® (PNC CPI) has often increased or decreased at a rate consistent with the U.S. Consumer Price Index, a measure of inflation produced by the U.S. Department of Labor. Three factors have largely driven changes in the index over the past 37 years[1]:
- The Internet makes it easier to find the gifts from the song online, but these goods and services tend to be expensive, mainly due to added shipping and handling costs.
- The price of services overall has increased, while the price of goods has slowed.
- Fuel costs have a major effect on the cost of shipping. And, as we know, fuel prices have been especially volatile over the last few years.
Meet the Team
REBEKAH MCCAHAN
Vice President and Investment Strategist
PNC Asset Management Group
Rebekah McCahan serves as a member of the Investment Strategy team for the PNC Asset Management Group and Institutional Investments. She is responsible for developing asset allocation models, directing asset allocation changes, analyzing new investment instruments for consideration in client accounts, and helping to create quarterly and monthly investment outlooks and reviews.
AMANDA AGATI
Chief Investment Strategist
PNC Asset Management Group
Amanda Agati is the Chief Investment Strategist for the PNC Financial Services Group. In this role, she oversees all investment strategy-related activities for PNC’s personal and institutional asset management businesses, totaling approximately $300 billion in assets under management as of September 30, 2020. In addition, she helps lead the team that establishes overall strategic and tactical asset allocation guidance of client portfolios, manages the evolution of investment processes, provides thought leadership on key investment issues, and is the author of numerous publications.
Frequently Asked Questions
What’s the difference between the Total Cost of Christmas and the True Cost of Christmas? Who figures out the prices for the PNC Christmas Price Index? The answers to all these questions and more can be found here.
What is the Christmas Price Index®, anyway?
The PNC Christmas Price Index (PNC CPI) shows the current cost for one set of each of the gifts given in the song, “The Twelve Days of Christmas."
What is the "True Cost of Christmas?"
The True Cost of Christmas is the cumulative cost of all the gifts when you count each repetition in the song, reflecting the cost of 364 gifts. This cost has measured even wider fluctuations over the years.
Why did PNC start tabulating the Christmas Price Index®?
It all started 37 years ago as a way to engage clients of PNC’s predecessor, Provident National Bank in Philadelphia, during the traditionally light holiday weeks. What hatched as the creative brainchild of the bank’s then-chief economist has since grown into one of PNC’s most popular and anticipated economic reports.
Who is the holiday shopper at PNC?
Since 1986, Rebekah McCahan of PNC Asset Management Group has handled our shopping duties, putting a price tag on French hens, maids-a-milking, gold rings and all the other items in the PNC CPI. She has evaluated some distinctive economic trends along the way.
Where does McCahan do her shopping?
The partridge and dove prices came from a national bird supplier. Hatcheries provided the cost of the hens and swans. The price of the geese came from a waterfowl farm. A national pet chain provided the price of the calling birds, or canaries. The pear tree price came from a New Jersey nursery. A national jewelry chain provided the cost of five 14-carat gold rings, and PHILADANCO, a modern dance company in Philadelphia, offered the price of ladies dancing, while Pennsylvania Ballet supplied the cost of the Lords-a-Leaping. Maids-a-milking are the only unskilled laborers in the PNC CPI and, as such, they reflect the federal minimum wage.Year after year, the sources for the prices remain the same for the most part for consistency, but they have changed on occasion due to changes in the market or business landscape.
What has changed since 1984?
Many things. First, the Internet. Today, it’s easier for us to find the goods and services listed in the song online. This convenience comes at a price, however: goods and services from the survey that are purchased online tend to be more expensive than those purchased in a more traditional transaction, mainly due to added shipping and handling costs of the specialty items. In 2015, we adjusted the current prices of the turtle doves and swans to better reflect open market pricing, and revised the historical data to correlate. Second, over the last 37 years, the price of services in general has increased, while the price of goods has slowed. In the 1984 PNC CPI, goods were by far the more expensive component of the Index — today it’s services. Since 1984, the PNC CPI has increased 95%. Also related to services, in 2007, federal laws increased the minimum wage and gave the maids-a-milking their first raise since 1997. The wage increased again in both 2008 and 2009, and is now holding steady at $7.25 per hour. Third, fuel costs. As fuel prices go up and down, they have a major effect on the cost of shipping.
Will shoppers spend more than ever before…again?
2020 has been anything but conventional for consumers, the markets and the economy. In response to these unusual times, PNC took a non-traditional view in calculating the Christmas Price Index. The biggest impact has been for live performances, which are mostly unavailable this holiday season. While some performing arts groups are finding ways to engage, such as through virtual presentations, it’s a silent night at most symphonies and the lights have dimmed on many dance companies, as reflected in this year’s significant drop in PNC’s CPI data. Considering the impact of these social distancing measures, PNC calculated the 2020 price tag for the PNC Christmas Price Index at just $16,168.10, a considerable decrease of $22,825.45 or -58.5% over last year’s cost, with a third of the index constituents literally not available for purchase this year.
In which year could a shopper afford to be a scrooge?
The cheapest PNC Christmas Price Index® in dollars occurred in 1995, when the cost of Christmas was just under $15,600[1].
Why did the 2020 CPI change so drastically?
Taking into account the impact of social distancing, PNC calculated the 2020 price tag for the PNC CPI at just $16,168.10, a considerable decrease of $22,825.45 or -58.5% over last year’s cost, with a third of the index constituents literally not available for purchase this year. The biggest impact has been for live performances, which are mostly unavailable this holiday season. While some performing arts groups are finding ways to engage, such as through virtual presentations, it’s a silent night at most symphonies and the lights have dimmed on many dance companies, as reflected in this year’s significant drop in PNC’s CPI data.
The PNC Christmas Price Index® is a simple, yet entertaining way to introduce basic economics to classrooms around the country. By pricing out each gift from “The Twelve Days of Christmas” year after year, we are able to provide a snapshot of our current economy, lessons on inflation and other economic trends.
The Stock Market Game
These self-contained activities from The Stock Market Game™ give you everything you need to use the PNC Christmas Price Index® as an effective teaching tool. The Stock Market Game™ is a program of the SIFMA Foundation, a 501(c)3 nonprofit educational organization dedicated to fostering knowledge and understanding of the financial markets for individuals of all backgrounds.
Create Your Own Gift
It may be difficult to buy your true love all 12 gifts from the Christmas Price Index, but you could certainly make them! Our do it yourself craft tutorials provide a fun way to create that special gift for your loved ones this holiday season
Important Legal Disclosures & Information
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In 2015, we adjusted the current prices of the turtle doves and swans to better reflect open market pricing, and revised the historical data to correlate. In 2018, we adjusted the prices for 10 Lords-a-Leaping and revised the historical data to correlate.
In 2019, we adjusted the prices for 11 Pipers-Piping, 12 Drummers-Drumming and revised the historical data to correlate.
The PNC Financial Services Group, Inc. ("PNC") provides investment and wealth management, fiduciary services, FDIC-insured banking products and services and lending and borrowing of funds through its subsidiary, PNC Bank, National Association, which is a Member FDIC, and provides certain fiduciary and agency services through PNC Delaware Trust Company. PNC does not provide legal, tax or accounting advice.
PNC Asset Management Group is the combined marketing name for the asset management and banking activities conducted by PNC Bank, National Association (“PNC Bank”) under the marketing names PNC Wealth Management®, Hawthorn, PNC Family Wealth®, PNC Institutional Asset Management®, PNC Retirement Solutions®, Vested Interest®, and PNC Institutional Advisory Solutions®, by PNC Delaware Trust Company or PNC Ohio Trust Company, and by PNC Capital Advisors, LLC and PNC Realty Investors, Inc., registered investment advisers. PNC Asset Management Group includes personal wealth management for high net worth and ultra high net worth and institutional asset management clients. Personal wealth management products and services include customized investment management, financial planning, private banking, and tailored credit solutions as well as trust management and administration for affluent individuals and families. PNC Institutional Asset Management provides investment management, custody, and retirement planning services. The clients served include corporations, unions, and charitable endowments and foundations, located primarily in our geographic footprint. PNC Asset Management Group does not provide legal, tax, or accounting advice unless, with respect to tax advice, PNC Bank has entered into a written tax services agreement. PNC Asset Management Group does not provide services in any jurisdiction in which it is not authorized to conduct business. PNC Bank is not registered as a municipal advisor under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”). Investment management and related products and services provided to a “municipal entity” or “obligated person” regarding “proceeds of municipal securities” (as such terms are defined in the Act) will be provided by PNC Capital Advisors, LLC, a wholly-owned subsidiary of PNC Bank and SEC registered investment adviser.
“PNC Wealth Management,” “Hawthorn, PNC Family Wealth,” “Vested Interest” “PNC Institutional Asset Management,” “PNC Retirement Solutions,” and “PNC Institutional Advisory Solutions” are registered service marks of The PNC Financial Services Group, Inc.
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