We 'normalized' the comparison by excluding a-once-in-a-century pandemic that had an outsized impact on 2020's data. In 2021, why did PNC compare data with 2019 and not 2020?Ĭomparing 2019 data was a better gauge of the impacts of inflation before the pandemic’s effects took hold of the global economy. The cheapest PNC Christmas Price Index® in dollars occurred in 1995, when the cost of Christmas was just under $15,600. In which year could a shopper afford to be a scrooge? As fuel prices go up and down, they have a major effect on the cost of shipping. The wage increased again in both 20, and is now holding steady at $7.25 per hour. Also related to services, in 2007, federal laws increased the minimum wage and gave the maids-a-milking their first raise since 1997. Since 1984, the PNC CPI has increased 127%. In the 1984 PNC CPI, goods were by far the more expensive component of the Index - today it’s services. Second, over the last 39 years, the price of services in general has increased, while the price of goods has slowed. 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. 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. Today, it’s easier for us to find the goods and services listed in the song online. 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. Maids-a-milking are the only unskilled laborers in the PNC CPI and, as such, they reflect the federal minimum wage. 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. The pear tree price came from a Pennsylvania nursery. A national pet chain provided the price of the calling birds, or canaries. The price of the geese came from a waterfowl farm. Hatcheries provided the cost of the hens and swans.

The partridge and dove prices came from a national bird supplier.

She has evaluated some distinctive economic trends along the way. 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. Why did PNC start tabulating the Christmas Price Index ®? This cost has measured even wider fluctuations over the years. 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. 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 Christmas Price Index ®, anyway? 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.

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 they returned in 2021.

And, as we know, fuel prices have been especially volatile over the last few years.

Fuel costs have a major effect on the cost of shipping.

The price of services overall has increased, while the price of goods has slowed.

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.

Four factors have largely driven changes in the index over the past 39 years : Consumer Price Index, a measure of inflation produced by the U.S. 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. TRENDS: HOW THE INDEX HAS CHANGED SINCE 1984 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. It all started 39 years ago as a way to engage clients of PNC’s predecessor, Provident National Bank in Philadelphia, during the traditionally light holiday weeks.

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