23rd Annual PNC Christmas Price Index Up 3.1 Percent; Rising Wages for Milkmaids, Higher Commodity Prices Lead Increases
Christmas more expensive than ever this year according to PNC's annual tongue-in-cheek economic analysis based on the holiday classic, 'The Twelve Days of Christmas.'
Pittsburgh, PA (PRWEB) November 26, 2007 -- The significantly higher price of gold and increased compensation for minimum wage workers will make Christmas more expensive this year, according to the PNC Christmas Price Index. The tongue-in-cheek economic analysis by PNC Wealth Management is based on the cost of gifts in the holiday classic, 'The Twelve Days of Christmas.'
The True Love's "Shopping List"
According to the 23rd annual survey, the cost of 'The Twelve Days of Christmas' is $19,507 in 2007, a 3.1 percent increase over last year. The rise in gift prices mirrored the U.S. government's Consumer Price Index - a widely used measure of inflation calculated by the Bureau of Labor Statistics. The Consumer Price Index is up 3.5 percent so far this year.
Each year, the PNC Christmas Price Index provides a look at the events and news that helped shape the economy during the year. Since 1984, educators across the country have used the Christmas Price Index to teach economic trends to students of all ages. With that in mind, this year's Christmas Price Index Web site has been updated to include more interactive activities such as a live chat with chief investment officer Jim Dunigan, enhanced games, annual results and trends, a Flash presentation and much more. Educators who visit the site will also find a complete sample lesson plan on related material from The Stock Market GameTM (SMG) program, America's premier educational stock-market simulation.
"Over time, the Christmas Price Index has reflected trends in the broader economy," said James Dunigan, managing executive of investments for PNC Wealth Management. "This year, increased commodities prices, concerns about the value of the dollar and the first minimum wage increase in 10 years were major factors in the increases to the Christmas Price Index."
Other Christmas Price Index Highlights include:
| | - True Loves will have to pay a bit more for the five Gold Rings this year, as the jewelers who provide the prices for the rings report having no choice but to pass increased prices along to consumers as the price of gold continues to rise.
- As always, this year's Christmas Price Index is driven in large part by the birds. The 20 percent increase for the cost of Geese-a-Laying is reflective of increased food prices in the Consumer Price Index. The Calling Birds (canaries), up 25 percent, are purchased at national pet store chain PetCo and tend to rise along with higher demand and increased shipping costs for retailers.
- The eight Maids-a-Milking received their first raise in 10 years when Congress increased the minimum wage to $5.75 an hour earlier this year. The Milkmaids can expect to see further increases in 2008 and 2009, as Congress has already approved increases to the minimum wage for both years.
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True Loves Spending More than Ever:
For those True Loves who prefer to do their shopping online, PNC Wealth Management calculates the cost of 'The Twelve Days of Christmas' gifts purchased on the Web. This year, the trends identified in the traditional index are repeated in the Internet version, with an overall growth of 3 percent, compared to 3.1 percent in the traditional index.
As part of its annual tradition, 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, very generous True Loves will pay more than ever before - $78,100 - for all 364 items, up from $75,122 in 2006. This 4 percent increase is about even with last year's 3.5 percent increase.
The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation's largest diversified financial services organizations providing retail and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.
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