Holiday gift-giving isn’t immune to inflation, and the latest data from the 2024 PNC Christmas Price Index proves just how much more expensive grand gestures have become. If you’re thinking of surprising someone with all the gifts from the classic carol “The 12 Days of Christmas,” be prepared for some sticker shock: this year’s total is $51,476, up 4.5% from last year.
For those shopping online, the cost climbs even higher to $55,748, largely due to increased shipping and packaging expenses. The PNC CPI, which has tracked the cost of these gifts since 1984, is a whimsical but insightful take on the Bureau of Labor Statistics’ Consumer Price Index (CPI), drawing on a wide range of sources from dance and theater companies to hatcheries and pet stores.
Key takeaways from this year’s index:
- The cost for five gold rings soared 32.5% over last year, reflecting surging demand for precious metals.
- The price for a pear tree jumped 14.3%, driven by higher labor, land, and fertilizer costs, while the partridge itself held steady.
- Performers—Nine Ladies Dancing, Ten Lords-a-Leaping, Eleven Pipers Piping, and Twelve Drummers Drumming—cost 5.4% more, though that’s a smaller increase than last year’s 7.9%.
- Prices for Two Turtle Doves, Three French Hens, Four Calling Birds, Seven Swans-a-Swimming, and Eight Maids-a-Milking remained unchanged.
- For the most extravagant spenders replicating every verse’s repetition (364 gifts in total), the price tag now hits $218,543, a 4.4% increase.
- The “core” PNC CPI, which excludes the price-volatile swans, is up 6.1%.
This year’s increase is attributed mainly to labor market pressures and broader economic uncertainty, not tariffs, according to PNC’s chief investment officer, Amanda Agati. As the Federal Reserve signals a potentially looser policy ahead, all eyes are on whether inflation will cool in 2026 or continue to impact holiday budgets.
For more details and interactive charts, you can visit the PNC Christmas Price Index website.