This season, True Loves will spare no expense to acquire all the lavish gifts featured in the beloved holiday song, "The 12 Days of Christmas." However, Scrooges around the world may lament the escalating prices of turtle doves, laying geese, and lords-a-leaping.
From the iconic partridge in the pear tree to the energetic drummers drumming, the total cost has seen a 2.7% increase, totaling $46,729.86. Factoring in all the gifts repeated throughout the melody, the price has risen by 2.5% compared to last year, amounting to a hefty $201,972.66.
For four decades, PNC Financial Services Group has diligently compiled the Christmas Price Index. Fortunately for weary shoppers, this year's price hike is significantly lower than the previous year's staggering 10.5% surge.
Officially, recent reports on the consumer price index indicate a 3.2% inflation rate compared to a year ago.
Interestingly, this year's increased Christmas prices cannot solely be attributed to soaring poultry costs. Instead, they are mainly a result of higher wages for skilled performers. On average, wages for entertainers have seen a 3.3% increase, although not uniformly across all professions.
Amanda Agati, Chief Investment Officer of PNC’s Asset Management Group, explains that these wage hikes can account for the 4% increase in the cost of 10 lords-a-leaping, the 6.2% increase in the cost of 11 pipers piping, and the same 6.2% increase in the cost of 12 drummers drumming. She revealed this information in an email interview with _.
However, in an interesting contrast, there has been no increase in the cost of eight maids-a-milking due to PNC's use of the federal minimum wage as a proxy, which has remained stagnant for several years.
While the nine ladies dancing experienced a substantial 10% pay raise in 2022, they did not receive any further increase this year.
Additionally, housing has been identified as a contributing factor to the overall price surge. Here is a breakdown provided by PNC:
- Partridge in a pear tree: $229.99
- Two turtle doves: $169.99
- Three French hens: $210.00
- Four calling birds: $599.96
- Five golden rings: $995.00
- Six geese-a-laying: $600.00
- Seven swans-a-swimming: $13,125.00
- Eight maids-a-milking: $0.00
- Nine ladies dancing: $7,747.50
- Ten lords-a-leaping: $11,934.70
- Eleven pipers piping: $4,567.00
- Twelve drummers drumming: $4,787.10
As we immerse ourselves in the joyous spirit of the holiday season, let us appreciate the effort and costs involved in making "The 12 Days of Christmas" a truly extravagant celebration.
A Partridge in a Pear Tree
The cost of a Partridge in a Pear Tree has increased by 14% compared to last year, amounting to $319.18. While the price of the partridge has remained the same, the tree it inhabits has seen a 15% increase in cost, reflecting the overall growth in housing expenses, according to PNC.
Two Turtle Doves
The price of Two Turtle Doves has risen by 25%, now priced at $750 for the pair. This increase is attributed to their rarity.
Three French Hens
Inflation has affected the cost of Three French Hens with a rise of 3.5%. The trio now costs $330 due to increasing labor and energy expenses. Nevertheless, they are still considered to be among the most affordable birds in the index.
Four Calling Birds
The price of Four Calling Birds remains the same as last year at $599.96.
Five Gold Rings
Despite the rise in gold prices, Five Gold Rings continue to be sold at $1,245.00. The demand for plain gold bands has remained consistent.
Six Geese-a-Laying
Six Geese-a-Laying have seen an 8.3% increase in price, now costing $780.00. Inspired by their expensive swan counterparts, the geese have seen an almost $500 price hike since 2018.
Seven Swans-a-Swimming
The price of Seven Swans-a-Swimming has remained steady at $13,125, making them the second most expensive gift in the index.
Eight Maids-a-Milking
Similarly, Eight Maids-a-Milking have maintained their price at $58. This reflects that the Federal Minimum Wage for workers remains at $7.25 per hour.
Nine Ladies Dancing
The cost of the Nine Ladies Dancing has remained the same as last year at $8,308.12, despite receiving a salary increase the year before.
Ten Lords-a-Leaping
Ten Lords-a-Leaping take the crown as the most expensive gift on the list, with a price of $14,539.20.
Eleven Pipers Piping
The cost for Eleven Pipers Piping now stands at $3,207.38.
Twelve Drummers Drumming
Similarly, Twelve Drummers Drumming cost $3,468.02. The labor conditions for the drummers are cited to be the same as the pipers.
PNC's Christmas Price Index has consistently mirrored trends in the U.S. economy over the years. Since its introduction in 1984, the PNC CPI has increased by 133%, while the official U.S. CPI has risen by 191%.
