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For 38 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.
2021 GIFT PRICES ABOUT THE INDEX ACTIVITIES & CRAFTS FOR MEDIA
TOTAL CHRISTMAS PRICE INDEX (CPI)
$41,205.58(5.7%)
Comparing 2019 data is a better gauge of the impacts of inflation, before the pandemic’s effects took hold of the global economy. We are trying to normalize the comparison by excluding a-once-in-a-century pandemic that had an outsized impact on last year’s data.
"CORE" INDEX (EXCLUDING SWANS)
$28,080.58(+8.6% )
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
*Revised: 2014 traditional price adjusted to better reflect open-market pricing.
History of the Index
It all started 38 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. Four factors have largely driven changes in the index over the past 38 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.
- The year 2020 was especially challenging due to the pandemic and with the suspension of most live performances, we eliminated them from the index as they were not an option for the True Love. But the good news is they have returned just in time for your True Love in 2021.
Meet the Team
REBEKAH MCCAHAN
Vice President, Senior Investment and Portfolio Strategist
PNC Asset Management Group
Rebekah McCahan is a senior investment and portfolio strategist for the PNC Asset Management Group’s Investment Strategy team. Rebekah is responsible for investigating high-potential investment opportunities and conducting research that supports PNC's overall investment recommendations and asset allocation processes. Since 1986, Rebekah has been delivering the research and analysis for the PNC Christmas Price Index. She has 40 years of financial industry experience, where she has held several positions, including economist, economic analyst, and investment strategist creating models and conducting macro research and analysis for publications and presentations.
AMANDA AGATI
Executive Vice President and Chief Investment Officer
PNC Asset Management Group
Amanda is the chief investment officer for PNC Financial Services Asset Management Group. In this role, she is responsible for the firm’s overall investment strategy, portfolio and risk management, investment solutions and the development and execution of investment policies for PNC Private Bank℠, PNC Private Bank Hawthorn℠, and PNC Institutional Asset Management®. Amanda serves as chairman of the PNC Investment Policy Committee and is a voting member of the Portfolio Construction Committee. She is also a member of the Investment Committee for PNC's pension fund and also serves on PNC's Corporate Diversity Council and Philadelphia/South Jersey Regional D&I Council and she is a PNC-certified Women’s Business Advocate.
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 38 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 Philadelphia 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 38 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 106%. 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.
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 PNC compare this year’s data with 2019 and not last year?
Comparing 2019 data is a better gauge of the impacts of inflation before the pandemic’s effects took hold of the global economy. We are trying to normalize the comparison by excluding a-once-in-a-century pandemic that had an outsized impact on last year’s data.
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% from the 2019 cost, with a third of the index constituents literally not available for purchase. The biggest impact was for live performances, which were mostly unavailable. While some performing arts groups found ways to engage, such as through virtual presentations, it was a silent night at most symphonies and the lights dimmed on many dance companies, as reflected in 2020’s significant drop in PNC’s CPI data.
Enjoy all 12 gifts in a flurry of fun activities
Learning is fun, especially when combined with the twelve days of Christmas. Enjoy these fun activities that include counting, tracing, matching and more
Since 2004, PNC Grow Up Great® has been helping children from birth through age five develop a passion for learning that lasts a lifetime. Learn More.
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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