2007 cost of 12 days of christmas
newfette @ Fri Nov 30, 2007 1:36 pm
not sure if this was posted yet but it made me chuckle.
$1:
The cost of Christmas: $19,507
The price tag rises for gold rings and geese, and minimum-wage milkmaids get a pay increase, as an annual 'Twelve Days' index rises 3.1% over 2006 prices.
By Staff
November 28, 2007
Blame it on the gold rings.
The cost of Christmas climbed 3.1% this year in the U.S., spurred in part by the soaring price of gold, which has been trading north of $840 an ounce recently.
The price of five 14-karat gold rings now totals $395, a 21.5% increase over 2006's $325 (although it's still nowhere close to 1989 prices, when the rings hit an all-time high of $750).
The cost of maids a-milking also rose this year, as unskilled labourers got a 13.6% increase in the U.S. federally mandated minimum wage. The cost of an hour of work from eight milkmaids -- who hadn't gotten a raise since 1997 -- rose to $46.80.
Meanwhile, calling birds and geese also saw cost increases of 20% or greater, according to the PNC Christmas Price Index -- a tongue-in-cheek economic analysis released earlier this week by PNC Wealth Management, a division of PNC Financial Services, and based on the cost of gifts in the holiday classic "The Twelve Days of Christmas."
The rise in gift prices -- a 3.1% increase to $19,507.25 from $18,920.59 last year -- 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% so far this year.
"Each year, the Christmas Price Index reflects trends in the broader economy," said James Dunigan, chief investment officer 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."
Fowl play: Rising food costs
Among the avian elements in the Christmas Price Index, the most notable increase was a 20% change in the price for six geese a-laying, provided by the U.S. National Aviary in Pittsburgh.
"For true loves planning to serve a Christmas goose -- or six -- for a holiday meal, this item will be a bit more expensive," said Dunigan. "Food prices have increased over the last year, which has not impacted birds like turtle doves and partridges, but has had an impact on birds traditionally served as food, like geese."
Most of the other bird prices in the index remained even with last year's rates, thanks to steady supply and demand for partridges, turtle doves, French hens and swans. Aside from the geese, only the calling birds -- actually canaries -- will cost more in 2007: U.S. National pet retailer Petco told PNC that canary prices were up 25% this year, thanks to higher demand and increased shipping costs for retailers.
Higher entertainment prices
Although the rings and milkmaids showed the greatest increases, many of the performers in the index got modest raises as well.
The costs of the drummers drumming, pipers piping and lords-a-leaping all rose 3% to 4%, due primarily to an increase in the performers' compensation, reflecting the current labour market. (The price of ladies dancing didn't show an increase this year, according to PNC's sources at Philadanco, a modern-dance company in Philadelphia.)
PNC Christmas Price Index
Source: PNC Christmas Price Index'True cost' at a record $78,100
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. Prior to that, the costliest year for the true love was 1994.
Over the past 23 years, PNC says, the prices of goods have risen more slowly than the prices of services or even decreased. In the firm's original 1984 Christmas Price Index, goods were by far the more expensive component of the index. Today, services are a much bigger piece of the index.
The price of swans, for instance, has dramatically decreased. Six swans a-swimming would have set the true love back $7,000 in 1984, but today, they cost only about $4,000. Meanwhile, PNC says, the cost of entertainment has greatly increased over the last 20 years. As a result, the ladies dancing and lords a-leaping have seen a 300% increase in their fees.
The price tag rises for gold rings and geese, and minimum-wage milkmaids get a pay increase, as an annual 'Twelve Days' index rises 3.1% over 2006 prices.
By Staff
November 28, 2007
Blame it on the gold rings.
The cost of Christmas climbed 3.1% this year in the U.S., spurred in part by the soaring price of gold, which has been trading north of $840 an ounce recently.
The price of five 14-karat gold rings now totals $395, a 21.5% increase over 2006's $325 (although it's still nowhere close to 1989 prices, when the rings hit an all-time high of $750).
The cost of maids a-milking also rose this year, as unskilled labourers got a 13.6% increase in the U.S. federally mandated minimum wage. The cost of an hour of work from eight milkmaids -- who hadn't gotten a raise since 1997 -- rose to $46.80.
Meanwhile, calling birds and geese also saw cost increases of 20% or greater, according to the PNC Christmas Price Index -- a tongue-in-cheek economic analysis released earlier this week by PNC Wealth Management, a division of PNC Financial Services, and based on the cost of gifts in the holiday classic "The Twelve Days of Christmas."
The rise in gift prices -- a 3.1% increase to $19,507.25 from $18,920.59 last year -- 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% so far this year.
"Each year, the Christmas Price Index reflects trends in the broader economy," said James Dunigan, chief investment officer 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."
Fowl play: Rising food costs
Among the avian elements in the Christmas Price Index, the most notable increase was a 20% change in the price for six geese a-laying, provided by the U.S. National Aviary in Pittsburgh.
"For true loves planning to serve a Christmas goose -- or six -- for a holiday meal, this item will be a bit more expensive," said Dunigan. "Food prices have increased over the last year, which has not impacted birds like turtle doves and partridges, but has had an impact on birds traditionally served as food, like geese."
Most of the other bird prices in the index remained even with last year's rates, thanks to steady supply and demand for partridges, turtle doves, French hens and swans. Aside from the geese, only the calling birds -- actually canaries -- will cost more in 2007: U.S. National pet retailer Petco told PNC that canary prices were up 25% this year, thanks to higher demand and increased shipping costs for retailers.
Higher entertainment prices
Although the rings and milkmaids showed the greatest increases, many of the performers in the index got modest raises as well.
The costs of the drummers drumming, pipers piping and lords-a-leaping all rose 3% to 4%, due primarily to an increase in the performers' compensation, reflecting the current labour market. (The price of ladies dancing didn't show an increase this year, according to PNC's sources at Philadanco, a modern-dance company in Philadelphia.)
PNC Christmas Price Index
Source: PNC Christmas Price Index'True cost' at a record $78,100
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. Prior to that, the costliest year for the true love was 1994.
Over the past 23 years, PNC says, the prices of goods have risen more slowly than the prices of services or even decreased. In the firm's original 1984 Christmas Price Index, goods were by far the more expensive component of the index. Today, services are a much bigger piece of the index.
The price of swans, for instance, has dramatically decreased. Six swans a-swimming would have set the true love back $7,000 in 1984, but today, they cost only about $4,000. Meanwhile, PNC says, the cost of entertainment has greatly increased over the last 20 years. As a result, the ladies dancing and lords a-leaping have seen a 300% increase in their fees.
jennybo @ Sat Dec 08, 2007 7:37 pm
So where can I buy myself some lords-a-leaping?
DMP08 @ Sun Dec 09, 2007 12:43 am
This is perfect. I also used to question when that song played:
"Firstly, who gets their loved one all this...and secondly, how do they afford it?"