"PNC Christmas Price Index" and "Christmas Price Index" are registered marks of The PNC Financial Services Group, Inc
The PNC Christmas Price Index
For 41 years, PNC has calculated the prices of the 12 gifts from the classic song, "The Twelve Days of Christmas." The PNC Christmas Price Index® remains a whimsical holiday tradition.
Total Christmas Price Index (CPI)
Even with its small basket of goods and services, the PNC Christmas Price Index is not immune to the rising costs in the broader U.S. economy, as measured by the Bureau of Labor Statistics’ Consumer Price Index.
$49,263.47
(+5.4%)
On the First Day of Christmas, My True Love Gave to Me...
A Partridge in a Pear Tree
$370.18
(+16.0%)
The Partridge in a Pear Tree climbed 16% in 2024 – this year’s biggest percentage jump in price. The bird costs the same, but the tree is rooting itself deeper in True Love’s wallet this year.
Two Turtle Doves
$750.00
(+0.0%)
After a hefty price increase in 2023, the turtledoves are taking a break from sticker-shock this year. Their $750 cost reflects their rarity.
Three French Hens
$346.50
(+5.0%)
It’s another modest increase for the French Hens in 2024. They rose in price by 5% this year, but they’re still the second least expensive gift in the index, making them a brilliant bargain!
Four Calling Birds
$599.96
(0.0%)
No, you didn’t time travel back to the 2014 Christmas Price Index. The Four Calling Birds just haven’t changed prices since then. While remaining the same for ten years can be boring, in this case it makes for reliable planning in True Love’s budget.
Five Gold Rings
$1,245.00
(0.0%)
Quick, run to the jeweler. It’s the second straight year of flat pricing in the gold market after more than five years of price hikes for this precious metal.
Six Geese-A-Laying
$900.00
(+%15.4)
The geese are on a growth streak and they’re one of the most volatile gifts in this year’s index. Their price grew by 15.4% in 2024, and that is something to honk about.
Seven Swans-A-Swimming
$13,125.00
(0.0%)
To buy the swans, True Love needs to be a-swimming in cash. They stayed flat this year, but they’re still the second most expensive gift in the index at $13,125.
Eight Maids-A-Milking
$58.00
(0.0%)
Tied to the Federal Minimum Wage, which hasn’t changed since 2009, the Eight Maids-a-Milking remain priced at $58 this year.
Nine Ladies Dancing
$8,557.37
(3.0%)
True Love likely won’t find much solace in the fact that the price to hire a dance company only grew modestly this year. The nine ladies dancing are still one of the most expensive gifts in the index.
Ten Lords-A-Leaping
$15,579.65
(+7.2%)
“Leaping” is right. As if they needed the additional buffer, the ten lords leapt an additional 7.2% in total price to cement their hold as the most expensive gift in the index, surpassing the Swans last year. So, if Lords are under the tree, that’s true love indeed!
Eleven Pipers Piping
$3,714.96
(+15.8%)
It’s been an expensive year in the entertainment industry and the pipers are demanding their share. Their price ballooned 15.8% in 2024 due to labor costs. It might be a brilliant move to start practicing.
Twelve Drummers Drumming
$4,016.85
(+15.8%)
Not to be outdone by the rival pipers, the drummers also commanded a nearly 16% raise this year indicating wage inflation marches on.
True Cost of Christmas in Song
$209,272.00
(+3.6%)
This represents the total cost of all the gifts bestowed by True Love when you count each repetition of the song, totaling 364 presents. Spreading cheer throughout the year in 2024 costs 3.6% more than in 2023.
"Core" Index (Excluding Swans)
$36,138.47
(+7.5%)
This version of the CPI removes the most volatile gift from the index - the Swans-a-Swimming.
About the Index
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.
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.
2024
$49,263.47
(+5.4%)
2023
$46,729.86
(+2.7%)
2022
$45,523.27
(+10.5%)
2021
$41,205.58
(+5.7%)
2017
$38,648.49
(+0.7%)
2016
$38,373.16
(+0.6%)
2014
$37,826.12
(+1.0%)
2013
$37,469.74
(+6.6%)
2012
$35,160.79
(+5.3%)
2011
$33,380.29
(+4.6%)
2010
$31,916.99
(+8.8%)
2009
$29,329.29
(+0.3%)
2008
$29,248.81
(+11.0%)
2007
$26,342.01
(+2.6%)
2006
$25,664.51
(+2.6%)
2005
$25,004.59
(+7.1%)
2004
$23,340.54
(+2.1%)
2003
$22,862.72
(+18.4%)
2002
$19,311.31
(-10.7%)
2001
$21,616.45
(+3.0%)
2000
$20,989.28
(+1.7%)
1999
$20,629.13
(+4.0%)
1998
$19,828.86
(+5.1%)
1997
$18,870.23
(+1.3%)
1996
$18,629.46
(+4.0%)
1995
$17,915.25
(-26.3%)
1994
$24,316.41
(+0.8%)
1993
$24,132.91
(+1.0%)
1992
$23,890.17
(+0.8%)
1991
$23,701.86
(+1.4%)
1990
$23,366.09
(+4.0%)
1989
$22,462.87
(+4.9%)
1988
$21,419.24
(-0.4%)
1987
$21,505.36
(+5.5%)
1986
$20,392.29
(+0.7%)
1985
$20,248.90
(+0.9%)
1984
$20,069.58
(+1.5%)
All Gifts
| 1984-1993 | 1984 |
1985 |
1986 |
1987 |
1988 |
1989 |
1990 |
1991 |
1992 |
1993 |
|---|---|---|---|---|---|---|---|---|---|---|
| 1994-2003 | 1994 |
1995 |
1996 |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
2003 |
| 2004-2013 | 2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
| 2014-2023 | 2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
| 2024 | 2024 |
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 more than 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. Rebekah is a PNC-certified Women's Business Advocate.
Amanda Agati
Executive Vice President and Chief Investment Officer PNC Asset Management Group
Amanda is the chief investment officer for PNC’s 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®. She also manages the evolution of investment processes, provides thought leadership on key investment issues, and authors numerous investment-related publications. Amanda serves as chair of the PNC Investment Policy Committee. She is also a member of the Investment Committee for PNC's pension fund, serves on PNC's Corporate Diversity Council, as well as the Philadelphia/South Jersey Regional D&I Council and she is a PNC-certified Women’s Business Advocate. Amanda graduated with a Bachelor of Science in finance and a minor in economics from Penn State University’s Schreyer Honors College. Amanda also holds the Chartered Financial Analyst® (CFA) designation. She is a member of the CFA Institute and CFA Society of Philadelphia and sits on the boards of several nonprofit organizations.
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 41 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's Investment Office 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 Pennsylvania 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 40 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 133%. 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].
In 2021, why did PNC compare data with 2019 and not 2020?
Comparing 2019 data was a better gauge of the impacts of inflation before the pandemic’s effects took hold of the global economy. We "normalized" the comparison by excluding a-once-in-a-century pandemic that had an outsized impact on 2020'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.