PITTSBURGH, Nov. 20, 2019 /PRNewswire/ -- The PNC
Christmas Price Index predicts True Loves will find all is calm
when putting the gifts under the tree this holiday shopping season.
To purchase the gifts included in the classic holiday song "The 12
Days of Christmas," it will cost just 0.2% more than it did in
2018, according to the 36th annual holiday economic
analysis by The PNC Financial Services Group.
PNC 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.
"Despite the stock market hitting record highs recently, it is a
welcome gift for the holidays that the PNC Christmas Price Index
stayed relatively flat this year," said Amanda Agati, chief investment strategist for
PNC Asset Management Group. "However, the scrooges of the season
are the gold rings which saw the biggest year-over-year price
increase in the index, and prices for some of our fowl friends
which are truly foul."
The cost of each item was revealed this morning on PNC's
interactive website (pnc.com/ChristmasPriceIndex), which teaches
consumers about the index and features a historical comparison of
index data. This year's insights include:
- Doves Dive: The price for Turtle Doves was down a
dramatic 20%, the first drop in price since 2004.
- Rings Are Golden: After falling in 2018 due to less
demand and fluctuations in gold prices, Gold Rings rebounded with a
10% increase in 2019.
- Geese Gain Again: For the second year in a row, geese
saw a substantial rise in price, gaining 7.7% in 2019 largely due
to an increase of interest in backyard farming.
To mirror the government's core CPI, which excludes food and
energy prices, PNC removes the Swans – typically the most volatile
item in the index – from its total index.
The core PNC Christmas Price Index was up 0.3% from a year ago,
while the government's core Consumer Price Index rose 2.3%
year-over-year through October. Normally, both core indexes trail
fluctuations seen in the overall index prices.
For tech-savvy True Loves, the PNC Christmas Price Index also
calculates the cost of "The Twelve Days of Christmas" gifts
purchased on the internet. As Internet prices tend to be higher due
to travel and shipping costs, True Loves will have to splurge
$42,258.91 ($3,265.32 more than in-store purchases) for the
convenience of online shopping this year.
A PNC predecessor bank in Philadelphia began estimating the cost of the
12 Christmas gifts in 1984 as a holiday client letter. This year's
price is approximately 95% higher than the inaugural report 35
years ago.
As part of its annual tradition, PNC also tabulates the "True
Cost of Christmas," which is the total cost of items bestowed by a
True Love who repeats all the song's verses. Purchasing all 364
gifts will require $170,298.03, down
$64.23 from last year.
The PNC index's sources include retailers, hatcheries, the
Philadelphia-based PHILADANCO and
Pennsylvania Ballet Company.
The PNC Financial Services Group, Inc. (NYSE: PNC) is one of the
largest diversified financial services institutions in the United States, organized around its
customers and communities for strong relationships and local
delivery of retail and business banking including a full range of
lending products; specialized services for corporations and
government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset
management. For information about PNC, visit www.pnc.com.
2019 PNC Christmas
Price Index®
Based upon the song "The Twelve Days of Christmas"
|
|
TRADITIONAL
|
INTERNET
|
|
|
|
%
Change
|
|
|
%
Change
|
|
2018
|
2019
|
2019/18
|
2018
|
2019
|
2019/18
|
One Partridge in a
Pear Tree
|
$
220.13
|
$
210.17
|
-4.5%
|
$
284.18
|
$
285.18
|
0.4%
|
Partridge
|
$
20.18
|
$
20.18
|
0.0%
|
$
110.18
|
$
110.18
|
0.0%
|
Pear Tree
|
$
199.95
|
$
189.99
|
-5.0%
|
$
174.00
|
$
175.00
|
0.6%
|
Two Turtle
Doves
|
$
375.00
|
$
300.00
|
-20.0%
|
$
450.00
|
$
375.00
|
-16.7%
|
Three French
Hen
|
$
181.50
|
$
181.50
|
0.0%
|
$
291.50
|
$
291.50
|
0.0%
|
Four Calling
Birds
|
$
599.96
|
$
599.96
|
0.0%
|
$
418.00
|
$
418.00
|
0.0%
|
Five Gold
Rings
|
$
750.00
|
$
825.00
|
10.0%
|
$
969.75
|
$
969.75
|
0.0%
|
Six
Geese-a-Laying
|
$
390.00
|
$
420.00
|
7.7%
|
$
1,548.00
|
$
1,668.00
|
7.8%
|
Seven
Swans-a-Swimming
|
$
13,125.00
|
$
13,125.00
|
0.0%
|
$
15,165.00
|
$
15,165.00
|
0.0%
|
Eight
Maids-a-Milking
|
$
58.00
|
$
58.00
|
0.0%
|
$
391.68
|
$
408.64
|
4.3%
|
Nine Ladies
Dancing
|
$
7,552.84
|
$
7,552.84
|
0.0%
|
$
7,552.84
|
$
7,552.84
|
0.0%
|
10
Lords-a-Leaping
|
$
10,000.00
|
$
10,000.00
|
0.0%
|
$
10,000.00
|
$
10,000.00
|
0.0%
|
11 Pipers
Piping*
|
$
2,726.10
|
$
2,748.87
|
0.8%
|
$
2,475.00
|
$
2,475.00
|
0.0%
|
12 Drummers
Drumming*
|
$
2,947.50
|
$
2,972.25
|
0.8%
|
$
2,650.00
|
$
2,650.00
|
0.0%
|
|
|
|
|
|
|
|
Total Christmas Price
Index*
|
$
38,926.03
|
$
38,993.59
|
0.2%
|
$
42,195.95
|
$
42,258.91
|
0.1%
|
|
|
|
|
|
|
|
True cost of
Christmas in song*
|
$170,362.26
|
$170,298.03
|
0.0%
|
$194,390.92
|
$194,502.72
|
0.1%
|
|
|
|
|
|
|
|
"Core" index,
excluding swans*
|
$
25,801.03
|
$
25,868.59
|
0.3%
|
$
27,030.95
|
$
27,093.91
|
0.2%
|
*Revised: 2018 prices adjusted to better
reflect open market pricing
CONTACTS:
Alan Aldinger
(412) 768-3711
alan.aldinger@pnc.com
Britney Sage
(412) 762-8775
britney.sage@pnc.com
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SOURCE PNC Financial Services Group, Inc.