It’s back to the favorite time of the year! Winter is here with its Christmas-y cheer and the whiff of change with 2018 just around the corner. Everyone is looking to make a few purchases, and we’re pretty sure you’re looking at a few yourself too, and PNC’s Christmas Price Index has some good news for you!
The CPI this year has increased only by 0.6% since 2016, meaning you will have to shell out peanuts compared to last year to gift yourself the 12 amazing presents of Christmas! PNC’s CPI is a calculation similar to the government’s consumer price index, putting together the cost of buying gifts mentioned in the song ‘The 12 days of Christmas’. The unhindered joy and love of holiday shopping is brought to you, courtesy of the 34th annual fiscal analysis by the PNC Financial Services Group. Their official calculation and listing for the Christmas Price Index of 2017 puts this year’s prediction at a mere bump of $200. With a few minor changes on the list, same as the government’s CPI (excluding swans, the same as excluding energy and food prices), the price of 9 out of 12 items on the list have remain unchanged.
Numerous factors such as cost of living for the workers, supply of lager and the whopping increase in gold prices have significantly altered the prices of the Partridge in A Pear Tree, the Lords-a-Leaping and The Five Gold Rings. The total of all the 12 gifts from the 12 Days of Christmas song sum up to $34,558.65, about $200 more than last year's total. This figure is a representation of the conventional way of shopping at stores. Online shopping would cost you up to $10,538 despite discounts and offers, due to the large shipping costs and sales tax prices inflicted at the peak season. The location where you are shopping from also significantly alters the price of your 12 presents.
Every year since 1984, PNC’s CPI has predicted and calculated the fluctuations in price, but this year the mere bump of 0.6% is spreading joy and cheer to every patron in its literal sense. A detailed list of all the pricings along with the indices and detailed comparisons are put up on their website (pnc.com/ChristmasPriceIndex), educating consumers of the year’s insights. As their own little annual tradition, they calculate the ‘True Cost of Christmas’ putting together the total items listed in the 364 gifts repeated in the song’s verse - True Love. This year sees an estimated $1000 increase, needing $157,558 to purchase all the articles on the list.
This year’s prediction promises not to burn a hole in your budget thanks to the sustainable growth seen in the U.S economy, according to the PNC Asset Management Group. Christmas got a whole lot cheery with the Price Index’s, because who doesn’t love gifts and they most definitely feel a whole lot better when they don’t pinch your pocket.