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How do I love thee? Let me count the ways . . . starting with 12, as in "The 12 Days of Christmas," then moving on to $86,609, as in the price tag for the items in the traditional carol. That's a lot of counting.
This year's cost is compiled by PNC Wealth Management, which tallies the annual "Christmas Price Index," everything from the single partridge in a pear tree to the 12 drummers drumming, purchased repeatedly as the song suggests. The price is up $8,508, or 10.9%, from last year.
"True loves may take it on the chin for a peck on the cheek," said Jim Dunigan, managing executive of investment for PNC, which has been calculating the index 1984.
In this tight economy, what's a romantic to do?
The creative but cash-strapped consumer might consider some modifications. After all, who needs dozens of birds?
Instead of two turtle doves ($55), why not two Dove chocolate bars at about a buck each? Don't have $4,414 for 10 lords a-leaping? How about a "Riverdance" DVD? Plenty of leaping there, and it's only about $17 on MSN Shopping. Save a couple grand by skipping the 11 pipers piping and getting a CD of Scottish bagpipe music for less than $20.
"The price of creativity, I think, has to be measured against the value of true love," said Dunigan. "Necessity is the mother of invention. So this year, it might pay to be a little more inventive."
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While some sources suggest the gold rings actually refer to ring neck pheasants -- apparently, all the birds were for feasting -- Dunigan advises sticking with jewelry.
"At least in my experience, if you had to lead with something, gold rings probably wouldn't be a bad idea," he said.
They are down about 11%, from $395 last year to $350, the result of pressures on discretionary spending, Dunigan said.
But sticklers for tradition might also save by procrastinating. With the economy in its first consumer-led recession since the early 1980s and energy prices falling as of late, prices could come down between now and Christmas, Dunigan said.
PNC Wealth Management checks jewelry stores, dance companies, pet stores and other sources to compile the list. While it is done humorously, PNC said its index mirrors actual economic trends.
For instance, gasoline costs topped $4 last summer, driving up shipping costs for many goods. So a pear tree that cost $150 last year will cost $200 this year. (The partridge is up $5 to $20.)
Luxury items are also up, as reflected by the price of the seven swans a-swimming, which are up 33% to $5,600.
But the faltering economy has also brought down the cost of some items.
The three French hens (down $15 to $30) and six geese a-laying (down $120 to $240) reflect declines in food prices.
The eight maids a-milking will cost 12% more, $52.40 from about $47 last year, thanks to their second annual minimum wage increase.
The 10 lords a-leaping, 11 pipers piping and 12 drummers drumming are all up about 3%, reflecting the general average wage increase.
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True cost of ‘12 days of Christmas’For 24 years, PNC Wealth Management has kept track of the costs of the 12 days of Christmas. PNC's Jim Dunigan provides insight into what drove the price higher this year.
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