PLANO, Texas—Based on the gifts in the holiday song classic The 12 Days of Christmas, a True Love will be spending significantly more money as Dec. 25 arrives.
The average unit price tag for the PNC Christmas Price Index in 2024 is $49,263, an increase of $2,534 over 2023, or about 5.4%--twice the year-over-year pace of consumer inflation.
“The allocation of the total gifts has an interesting impact on the total cost,” explained Brian Turner, president and chief economist of Meridian Economics.
According to PNC, the true cost of Christmas, which accumulates the total cost of all 78 units (364 gifts), increased to $209,272 from last year's total of $201,973—or about 3.6%. This core inflation rate is 3.3%.
“The core cost of Christmas—excluding the more volatile and unpredictable gift prices—was $130,522, compared with last year's total of $123,223,” Turner said.
With rising costs experienced in the employment sector, average wage-related costs for the five related items were 8.1% higher—this compares with current wage inflation of 4%. Five of the remaining seven items experienced a collective average increase of 1.2%, Turner said.
“2024 proved to be another year for the birds, as supply and demand forces created market competition within the fowl sector, namely for partridges, turtle doves and French hens, who's collective price increased 5.2%--mainly due to higher cost of feed,” Turner explained. “The market for calling birds and swans a-swimming was unchanged for another year.”
Brian Turner
Gold Ring Price The Same
After rising 39.1% in 2022, but unchanged in 2023, gold ring prices were once again unchanged in 2024.
“This coincides with the modest increase in the spot price for gold as Santa has been hoarding precious metals to fight inflation,” Turner pointed out. “Geese a-laying continued their upward migration, climbing a whopping 15.4% in 2024, the same pace as in 2023.”
As for the state of the arts, the lifting of pandemic restrictions in 2022 led to an increase in live performances, but the tight labor market caused the cost for lords a-leaping, pipers piping, drummers drumming and ladies dancing to increase a collective 8.1%. Ladies dancing wages rose a modest 3.0% while lords a-leaping increased 7.7%.
“Something that will continue to fuel arguments over wage inequality,” Turner said. “Moreover, the cost for maids a-milking—the only unskilled workers in the index—hasn't changed in over a decade, reflecting the stagnate level in minimum wage rates. So, you better watch out, better not cry, better not pout over those outrageous FedEx and UPS shipping costs—for you Internet shoppers—after all, it's the holiday season.”