The True Cost of of the 12 Gifts of Christmas from ‘The 12 Days of Christmas’

For 40 years, PNC Financial Services Group, Inc. has calculated the prices of the 12 gifts of Christmas from the classic song, “The Twelve Days of Christmas.” The 12 gifts that compose the PNC CPI increased to $46,729.86 this year, up from $20,069.58 in 1984 when the report originated.

The reason this is relevant and not just silly is because “it is similar to the U.S. Consumer Price Index, which measures the changing prices of goods and services like housing, food, clothing, transportation and more that reflect the spending habits of the average American,” PNC explains.

First, here are the 12 gifts:

On the first day of Christmas my true love sent to me
A partridge in a pear tree

On the second day of Christmas my true love sent to me
Two turtle doves,
And a partridge in a pear tree.

On the third day of Christmas my true love sent to me
Three French hens,
Two turtle doves,
And a partridge in a pear tree.

• four calling birds
• five gold rings
• six geese a-laying
• seven swans a-swimming
• eight maids a-milking
• nine ladies dancing
• ten lords a-leaping
• eleven pipers piping
• twelve drummers drumming

Here are the PNC results:

A Partridge in a Pear Tree

cost: $319.18

up +13.9%

Rents are rising again for the Partridge in 2023. The price of the bird stayed flat, but the tree it lives in grew by 15%, reflecting overall growth in housing costs.

Two Turtle Doves

cost: $750.00

up: +25.0%

The Turtle Doves are the most volatile gift in the index this year, growing by 25% in price. Their cost increase reflects their rarity..

Three French Hens

cost: $330.00

up: +3.5%

The French Hens grew modestly in price this year, due to rising labor and energy costs. They’re still among the most affordable birds in the index at just $330.

Four Calling Birds – same price as last year

cost: $599.96

(0.0%)

They’re the same price as they were last year. And the year before that, and the year before that, and …

Five Gold Rings – same price as last year

The 10 Lords-a-Leaping are the most expensive gift in the 2023 index costing $14,539.20, which is up +4.0%.

In 2013, only 10 years ago, the cost of the Twelve gifts cost $37,469.74.

In 2003, twenty years ago, the cost of the Twelve gifts of Christmas was $22,862.72.

Thirty years ago, in 1993, the cost of the Twelve gifts of Christmas was $24,132.91

Forty years ago when the PNC CPI was launched, the cost of the Twelve Gifts was $20,069.58.

Some interesting take-aways from the PNC Christmas Price Index®:

• The price of services overall has increased, while the price of goods has slowed. This is a flip from 40 years ago, when prices for the cost of goods were much higher than services, which mirrors the trend in the U.S. economy. In the PNC CPI, goods are represented by the birds and the gold rings, while services are the entertainers and the maids.
• Since the PNC CPI launched 40 years ago, the Consumer Price Index has increased 191% while the PNC CPI increased 133%. The methodology differences are obviously going to given distinct results, but the overall inflation trends have remained remarkably consistent over the years.
• 2020 — The year that saw the single biggest percentage drop in the index (58.5%) as well as the lowest overall price of the index (only $16,168.14.) That version of the CPI did not include any of the four entertainment-related gifts, due to pandemic restrictions on in-person performances.

Read the entire report here. Enjoy!