“I think we can all agree that this is the time of year for giving.”
People are giving gifts to loved ones, giving their time to volunteer, and giving food and clothing to those in need. On top of that, a recent study has shown that nearly one-third of annual giving is done in December. It’s hard to think about this month and not think about giving.
December is also a time when it is impossible to escape holiday music. One of the oldest, most recognizable songs this time of year is The Twelve Days of Christmas.
If you’re like me, you have probably heard this song hundreds of times, but once you get past “five golden rings,” numbers six through twelve tend to blur together!
While the song dates back to the 1700’s, you may not know that the financial industry actually started it’s own holiday tradition in the year 1984. The banks began a new measure of tracking inflation, where they would track the cost of the gifts from the song The Twelve Days of Christmas. Today, this is called the PNC Christmas Price Index® and it is updated every year around this time.
This whimsical measure of inflation, inspired by the gifts from the classic carol, reveals intriguing insights about economic trends—and the cost of true love in 2024!
If you are trying to impress your true love this year, I would suggest the five golden rings. While they are not the most expensive gift in the tune, has anyone ever been upset to receive golden rings?
The chart below shows how much it would cost someone to purchase every item since 1984. Because the entertainment industry was sidelined in 2020 due to the pandemic, the purchase price of the seventy-eight gifts dipped below the 1984 price of roughly $20,000.
The grand total of all the gifts in 2024 ended up being $49,263.47, which is up 5.3% from last year. For the second year in a row, 5 of the 12 gifts had no increase in price. Although the seven swans-a-swimming didn’t increase in value, they still come in as the second most expensive.
Below is the complete list for 2024:
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1 Partridge in a Pear Tree: $370
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2 Turtle Doves: $750
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3 French Hens: $346
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4 Calling Birds: $600
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5 Gold Rings: $1,245
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6 Geese-a-Laying: $900
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7 Swans-a-Swimming: $13,125
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8 Maids-a-Milking: $58
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9 Ladies Dancing: $8,557
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10 Lords-a-Leaping: $15,580
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11 Pipers Piping: $3,715
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12 Drummers Drumming: $4,017
When I first saw this, I had some questions too!
For the last 41 years, PNC has collected data from a variety of sources, including national bird suppliers, a hatchery, and a waterfowl farm for the birds. A nursery provides the pear tree price, a jeweler assists with the five gold rings, and a Philadelphia-based dance company provides the price of the ladies dancing. And no, I didn’t ask what type of dancers they were. The maids-a-milking, on the other hand, are priced according to the federal minimum wage.
The biggest price jump of the year came from the Partridge in a Pear Tree, which is up 16% from 2023. The bird’s value has remained the same over the last few years, but the price of pear trees has risen significantly. While this is a unique way to track inflation, it also tells a story about the broader economy. The increase in entertainment gifts such as the pipers, drummers, and lords, saw steep increases which reflects the wage growth in skilled services. On the other hand, physical goods such as the gold rings didn’t see an increase at all this year.
Since its inception, the PNC CPI has paralleled broader economic trends and offered a fun holiday lens to view them. From its first year of $20,069.58 to today’s $49,263.47, it reflects both the lightheartedness of the carol and the reality of inflation.
We hope this provides some food for thought (and festive conversation) around your holiday table. Should you wish to discuss why lords are leaping—or anything else that is on your mind—don’t hesitate to reach out.
Wishing you a Merry Christmas and a Happy New Year!
