In past years we have passed on the PNC Christmas Price Index, a tabulation from the folks over at PNC Wealth Management of how much it would cost to purchase all the gifts in the classic Holiday song The Twelve Days of Christmas. Here it is for 2014, which is the 31st time they have done this index that totals the cost of items gifted by a True Love who repeats all of the song's verses.
According to the folks at PNC Wealth Management:
With energy costs tumbling and inflation remaining calm, the 2014 PNC Christmas Price Index experienced a mild one percent boost in the 31st annual tongue-in-cheek economic analysis by PNC Wealth Management. Based on the gifts in the holiday classic, “The Twelve Days of Christmas,” the price tag for the PNC CPI is $27,673.22 in 2014, just $280.05 more than last year and the smallest increase since 2002 when the index fell 7.6 percent.
Originally tabulated in 1984, the 2014 PNC CPI is 118 percent higher than when it all began, while inflation is up 127 percent over the same period. But an even more intriguing fact emerged, according to Jim Dunigan, chief investment officer, PNC Wealth Management. “While there are exceptions in given years, what’s most interesting about the index’s history is that since the beginning, year-over-year increases have averaged 2.8 percent, which is exactly the same number as the U.S. inflation index,” he said.
The 31st annual survey results were revealed this morning on an enhanced website (www.pncchristmaspriceindex.com) with the theme of bringing the classic carol to a new generation. “The Great Carol Comeback” site features twelve innovative experiences that bring each gift in the song to life in a new and modern way. Content includes a children’s book, an animated short film, a sing-a-long and several humorous musical videos that site visitors can share to help the carol’s “comeback.”
This year, the PNC CPI’s increase is close to the government’s Consumer Price Index, which stands at 1.7 percent for the past 12 months through October. The government’s core index, removing volatile food and energy prices, is up 1.8 percent.
“The recurring theme seems to be that with energy prices and labor costs contained, the overall index increase has been modest despite a few large increases in individual items,” Dunigan said. Eight out of the twelve items in the index remained the same price as last year, but the Six Geese-A-Laying went up a whopping 71.4 percent. The only other increase of significance was the Partridge in a Pear Tree, which increased 33.3 percent but is at a still reasonable $20.
As part of its annual tradition, PNC Wealth Management also tabulates the “True Cost of Christmas,” which is the total cost of items gifted by a True Love who repeats all of the song’s verses. Very thoughtful True Loves must fork over $116,273.08 for all 364 gifts, a much more reasonable increase of 1.4 percent compared with last year’s 6.9 percent.
Well, the twelve days of Christmas are almost upon us. Vintages can assure you that a True Love can get by on much less in our shop ... and get much more relevant and wonderful gifts as well.