Tag Archives: PNC

Cost of True Love’s christmas gifts increases by 9.2% according to PNC

PNC Wealth Management’s annual  review of their Christmas Price Index (CPI) has revealed that this year True Love will have to pay USD 23,439 for his gifts, an increase of USD 1,974 on last year’s prices.

PNC Wealth Management Christmas Price Index 2010

The CPI was started in 1984 and surveys the cost of the gifts given by True Love in the song “Twelve days of Christmas”. In 1984 the cost was USD 12,673.56.

James Dunigan, managing executive of investments for PNC Wealth Management said:

“This year’s jump in the PNC CPI can be attributed to rising gold commodity prices, represented by the Five Gold Rings which went up by 30 percent, in addition to higher costs for wages and benefits impacting some entertainers”

PNC goes on to say:

“The PNC CPI’s surge is in marked contrast to the [US] government’s CPI, which grew a mere 1.1 percent, illustrating the difference in size of the two baskets of goods and services.”

Whilst the milkmaid’s minimum wage did not increase “the prices for birds flew higher in this year’s index, in part due to the costs of feed as well as the availability and demand for certain feathered friends that amplified several prices. The Two Turtle Doves increased 78.6 percent to $100 and the Three French hens surged 233 percent to $150. The Partridge in a Pear Tree is up 1.3 percent to $161. But the partridge alone was up 20 percent to $12 and the pear tree is identical to a year ago at $149.”

The full tab for True Love who gifts all of the 364 items according to the song’s verses is USD 96,824. Shopping on the internet only makes matters worse. True Love will have to pay USD 34,336 compared with USD 23,439 for just one purchase of the items – USD 11,000 more than this year’s traditional index:

“In general, Internet prices are higher than their non-Internet counterparts because of shipping costs for birds and the convenience factor of shopping online” Dunigan said.

But that is mere pennies compared to the items that True Love has to buy in an updated version of the song composed and presented by the Scottish Falsetto Sock Puppet Theatre

This is a difficult calculation to make as there are regional differences, for example house prices. Also, what car is True Love prepared to buy? A rock bottom of the market second hand banger or a Lamborghini? How much would assorted bling cost, assuming that True Love did not aim a brick at a jeweller’s windows? And it’s probably best not to enquire too deeply as to how much the lap dancers or a knighthood would cost. Nevertheless, after lengthy discussions with colleagues, who wish to remain anonymous, we have come up with the cost of the modern True Love’s Christmas:

One gifting of the items listed in the ‘Socks’ video: GBP 258,132 or USD 407,920

Gifting of all the items according to all of the verses: GBP 1,055,646 or  USD 1,668,214

PNC’s Christmas Price Index

PNC CPI Broadcast

PNC’s Christmas Price Index for 2008 is now available. The index, compiled by PNC Wealth Management,  monitors the cost of the gifts sent by True Love  in the song The Twelve Days of Christmas. The Christmas Price Index (CPI) team, comprising James P. Dunigan, Rebekah McCahan and E. William Stone, have been tracking the index since 1984.

According to the 24th annual survey, the cost of the PNC CPI is  now $21,080, $1,573 more than in 2007 .  PNC comment in their press release:

“The seven swans a-swimming proved to be a driver of this year’s index, carrying the greatest weight with a whopping 33.3 percent increase due to their scarcity. True Loves will spend $5,600 this year for Swans compared with $4,200 in 2007….

Two other costs in the CPI dropped this year: three French hens and Six geese-a-laying. This year the hens cost $30, a drop of 33.3 percent over last year, and the geese cost $240, falling one-third. Four calling birds remained steady, costing $599.96, the same as a year ago.”

An interactive chart allows researches to view the total CPI as well as individual items over the years.  More detailed and historical information is available including a spreadsheet containing data going back to 1984.

Christmas Price Index Interactive Chart
Christmas Price Index Interactive Chart

For True Loves who prefer to shop over the Internet,  PNC Wealth Management calculates that they will pay a grand total of $31,957 , almost $11,000 more than in the traditional index. According to Dunigan:

“In general, Internet prices are higher than their non-Internet counterparts because of shipping costs for birds and the convenience factor of shopping online”

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. This holiday season,  True Loves will pay more than ever before – $86,609 – for all 364 items, up 10.9 per cent  from $78,100 in 2007.