NEW YORK — “True Loves” will spend more this holiday season if they buy all of the gifts from the classic carol, “The 12 Days of Christmas.”
PNC’s 39th annual Christmas Price Index, a light-hearted take on the Bureau of Labor Statistics’ Consumer Price Index, measures the average change in prices consumers should expect to pay for the gifts outlined in the well-known holiday song. This year, the price of those gifts is up 10.5%, the third highest year-over-year increase in the index’s history.
“True Loves will need to come up with a record $45,523.27 to buy those 12 perfect gifts this year,” said Amanda Agati, chief investment officer for PNC Asset Management Group. “This is a disquieting development for many, as pandemic-related supply chain disruptions and elevated energy and commodity prices continue to impact the cost of goods and services. Despite generous intentions, the gifts that make up the Christmas Price Index are not well-insulated from what’s being experienced across the broader economy.”
The cost of all 12 individual gifts is reported on PNC’s interactive website, pncchristmaspriceindex.com.
“While the gifts in this specialty basket of goods and services are truly unique, American consumers might consider asking their True Love for a different kind of gift this year instead,” Agati suggested.