Wednesday, December 4, 2019
THE 2019 PNC CHRISTMAS PRICE INDEX
It’s that time of year again – time for the 36TH annual PNC Christmas Price Index!
The PNC Christmas Price index reports the cost to purchase the gifts included in the classic holiday song “The 12 Days of Christmas”.
PNC tells us it has “ . . . calculated the 2019 price tag for The PNC Christmas Price Index at $38,993.59, a negligible $67.56 or 0.2% more than last year's cost, but less than the government's Consumer Price Index, which increased 1.8% through October in year-over-year measurement before seasonal adjustment.”
The major differences in the included items are –
* a 20% drop in the cost of turtle doves, “the first drop in price since 2004”.
* a 10% increase in the price of 5 gold rings. “After falling in 2018 due to less demand and fluctuations in gold prices, Gold Rings rebounded” in 2019.
* a 7.7% jump in laying geese “largely due to an increase of interest in backyard farming”.
* a 4.5% drop in the cost of one partridge in a pear tree, resulting from a $10.00 drop in the price of the tree.
Once again, the labor unions for musicians, dancing ladies and leaping lords proves to be better than the milking maid union. The milkers were paid the minimum wage of $7.25 per hour for 2017 through 2019. After the individual partridge, costing $20.18, the $58.00 price tag for 8 milking maids was the lowest on the list. Leaping lords got $1,000 each, slightly more than dancing ladies. The musicians got a small .8% raise for 2019.
The chief economist of a bank in Philadelphia, which eventually became part of PNC, began estimating the cost of the 12 Christmas gifts in 1984 as a holiday client letter. This year’s price is about 95% higher than the first index from 34 years ago.
For those who prefer the convenience of online shopping the Index also calculates the cost of the gifts purchased on the internet. As online costs are higher due to travel and shipping, the total cost is $42,258.91, $3,265.32 more than “in store” purchases.
The actual true cost of every gift in the song (with each previous day’s purchases repeated over the 12 days) is $170,298.03 in store and $194,502.72 online.
There appears to be some discrepancies in the 2018 numbers reported in this year’s press release and table from PNC and the numbers from the 2018 chart that I had reported in last year’s post. PNC tells us the 2018 prices were “adjusted to better reflect open market pricing”.
Click here for the press release that includes the full chart.