This year's gift set, inspired by the popular song "The Twelve Days of Christmas" in English-speaking countries, will cost Americans 3.6% more than in 2023, according to calculations by PNC Wealth Management.
"The Twelve Days of Christmas" is a traditional English folk song that celebrates the Christmas season, specifically the period from Christmas Day (December 25) to the Feast of the Epiphany (January 6). The lyrics were first recorded in the late 18th century. The song features 12 verses that describe 12 gifts: a partridge in a pear tree, two turtle doves, three French hens, four calling birds, five golden rings, six geese a-laying, seven swans a-swimming, eight maids a-milking, nine ladies dancing, ten lords a-leaping, eleven pipers piping, and twelve drummers drumming.
According to PNC, the total cost of all 364 characters and items mentioned in the song this year is $209,272, which is $7,300 higher than their cost a year ago.
If a buyer opts for just one of each character/item, the set will cost $49,260, a record high and 5.4% ($2,500) more than last year's price. Since the beginning of this kind of calculation in 1984, this set has increased in price by 2.5 times.
The PNC Christmas Price Index (PNC CPI) has been calculated for 40 years, using data from retailers, talent agencies, pet stores, and other sources. History shows that the average annual increase in the PNC CPI roughly aligns with changes in the inflation index in the U.S., although there have been exceptions in certain years.
Consumer prices (CPI) in the U.S. increased by 2.7% over the 12 months ending in November, according to the country's labor department. The core inflation index, which excludes volatile food and energy prices, rose by 3.3%.
The cost of the "core basket" of the PNC CPI increased by 7.5% this year, exceeding $36,100. Similar to official indicators, gifts with the most volatile prices—swans—were excluded. However, over the past year, the price of these birds remained unchanged ($13,125 each), which closely aligns with their price in 1984.
Overall, the cost of five components of the index remained at last year's level (including gold), while seven components increased in price. Notably, the services of pipers and drummers have risen significantly—by 15.8%.
Amid the ongoing rise in real estate prices in the U.S., it is ironically noted that this year, the cost of housing for the partridge has also sharply increased, with the price of the pear tree rising by 17.1%. Meanwhile, the price of the bird itself has not changed, making the partridge and the tree cost 16% more than in 2023.
A complete set of gifts from the song, ordered online, would currently cost a buyer $246,830, which is 3.1% higher than last year's price. Purchasing all the items/services mentioned in the song online in one instance would cost an American 3.9% more—$54,070. The significant difference compared to buying gifts in a regular store is due to high shipping costs, particularly for live birds.