Cost of Labor Drives 12 Days of Christmas Increases in 2023

FOR IMMEDIATE RELEASE December 7, 2023

Contact: Bryan Wachter (775) 771-8969 | Bryan@RANNV.org

Cost of Labor Drives 12 Days of Christmas Increases in 2023 The overall cost escalation for the 12 Days of Christmas gifts in 2023 proved to be lower than general inflation trends.

With Thanksgiving festivities now concluded, attention turns to the approaching Christmas season and the accompanying tradition of gift-giving. Originating in 1780, the timeless holiday carol "The 12 Days of Christmas" delineates a dozen days of festive generosity, commencing on Christmas Day, December 25, and concluding on the Feast of the Epiphany, January 5. While the specific gifts enumerated in the carol may be less conventional in the 21st century, they symbolize profound expressions of true love.

For four decades, the financial services company PNC has computed the prices of the 12 gifts from this cherished Christmas carol, presenting its findings through the annual Christmas Price Index. The cumulative cost of acquiring all these gifts in 2023 stands at $46,729.86, reflecting a 2.7 percent increase from the previous year's total.

The costliest item this year is the 10 Lords-a-Leaping, commanding a price of $14,539.20, while the most economical gift remains the Eight Maids-a-Milking at a modest $69.76.

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Examining the dynamics of the index, 2023 saw varying degrees of price changes across the gifts. The cost of Two Turtle Doves surged by 25.0 percent, representing the most substantial increase, followed by the Partridge in a Pear Tree with a 13.9 percent uptick.

Other notable increases include the prices of Six Geese-a-Laying (+8.3 percent), Eleven Pipers Piping (+6.2 percent), Twelve Drummers Drumming (+6.2 percent), Ten Lords-aLeaping (+4.0 percent), and Three French Hens (+3.5 percent).

The overall cost escalation for the 12 Days of Christmas gifts in 2023 proved to be lower than general inflation trends. As of October 2023, the inflation rate in the United States stood at 3.2 percent, a notable decline from its peak of 9.1 percent in June 2022.

This downward trend is attributed to decreases in the gasoline and energy indices offsetting increases in the food and shelter costs. The detailed breakdown of the PNC Christmas Price Index for 2023, featuring the cost of each gift and the corresponding one-year percentage growth, is provided below: Day 1: Partridge in a Pear Tree - $319.18 (+13.9 percent) Rising housing costs are reflected in the 15.0 percent growth of the tree, while the price of the bird remains constant.

Day 2: Two Turtle Doves - $750.00 (+25.0 percent) The significant 25.0 percent price increase for Turtle Doves mirrors their rarity.

Day 3: Three French Hens - $330.00 (+3.5 percent) Modest price growth for French Hens is attributed to rising labor and energy costs.

Day 4: Four Calling Birds - $599.96 (no change) Five consecutive years with no change in the price for these calling birds.

Day 5: Five Gold Rings - $1,245.00 (no change) Stable pricing for Five Gold Rings, signaling a plateau in their cost after more than five years.

Day 6: Six Geese-a-Laying - $780.00 (+8.3 percent) Inspired by their expensive swan counterparts, Six Geese-a-Laying has experienced a steady price increase since 2018.

Day 7: Seven Swans-a-Swimming - $13,125.00 (no change) Despite being the second most expensive gift, the price of Seven Swans-a-Swimming remains unchanged.

Day 8: Eight Maids-a-Milking - $69.76 (-0.9 percent)* With wages declining by 0.9 percent annually, these eight Maids-a-Milking saw virtually no change in 2023.

Day 9: Nine Ladies Dancing - $8,308.12 (no change) After a significant 10.0 percent increase in 2022, the price for Nine Ladies Dancing remains steady in 2023.

Day 10: 10 Lords-a-Leaping - $14,539.20 (+4.0 percent) The most expensive gift sees a 4.0 percent increase in 2023.

Day 11: 11 Pipers Piping - $3,207.38 (+6.2 percent) A tight labor market contributes to a 6.2 percent increase in the cost of hiring pipers.

Day 12: 12 Drummers Drumming - $3,468.02 (+6.2 percent) Like the pipers, the Twelve Drummers Drumming experience a 6.2 percent price hike in 2023.

Total Cost: $46,729.83 (+2.6 percent) www.RANNV.org

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For more information about the PNC Christmas Price Index, visit www.pnc.com/ChristmasPriceIndex History of the Christmas Price Index (PNC CPI): Since 1984, The PNC Financial Services Group, Inc. (PNC) uses gathers pricing data from a variety of sources including retailers, hatcheries, the Philadelphia-based PHILADANCO and the Pennsylvania Ballet Company in an effort to put a cost on the gifts described in the 12 Days of Christmas originally composed in 1780. * Price of the eight Maids-a-Milking adjusted for Nevada average wage growth

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