‘True Love’ is saving a bundle this Christmas

ALBANY — 2020 has been a grinchy year, even when it comes to something as beloved as the Christmas carol “The 12 Days of Christmas.” But with Christmas Day approaching, it looks like the carol’s “True Love” will save a bundle this year.

While the costs for many items, including many of the fowls associated with the song, soared a bit, the COVID pandemic has made it a much quieter holiday season that’s driven down the overall price of True Love’s gifts this year to an all-time low, according to the 37th annual PNC Christmas Price Index.

“2020 has been anything but conventional for consumers, the markets and the economy,” Amanda Agati, chief investment strategist for The PNC Financial Services Group, said. “In response to these unusual times, we took a non-traditional view in calculating the Christmas Price Index. The biggest impact has been for live performances, which are mostly unavailable this holiday season.”

The total cost of Christmas — the amount it would cost to give each of the 12 mentioned gifts once — dropped a whopping 58% from 2019 to a total of $16,168.14. The previous low for the CPI, a whimsical holiday tradition started in 1984 by PNC’s predecessor bank in Philadelphia, the $17,915.25 mark set 25 years ago in 1995.

Even if you gave the gifts the way True Love does (there are, for instance, 12 partridges in pear trees and 40 gold rings given over the course of the 12 verses), the 364 total gifts would set you back only $105,561.80, a relative bargain in that it is a decrease of 38% from last year.

Much of that price deflation comes from the fact that, in 2020, a third of the carol would fall silent after the eight maids a-milking at minimum wage finished their chores.

“While some performing arts groups are finding ways to engage, such as through virtual presentations, it’s a silent night at most symphonies and the lights have dimmed on many dance companies, as reflected in this year’s significant drop in PNC’s CPI data,” Agati said.

True Love simply could not provide his beloved with nine ladies dancing and 10 lords a leaping, with ballet companies having to cancel live performances. It’s the same story for 11 pipers piping and 12 drummer drumming as the pandemic has brought musical concerts by symphonies and bands to a screeching halt in most areas.

There were flat year-to-year items as well. A partridge in a pear tree was priced out at $210.18 again this year, and four calling birds still are just under six bills at $599.96. Even the most expensive single gift — seven swans a-swimming — were flat with 2019’s $13,125. Of course, minimum wage hasn’t changed in a year, and pandemic stimulus payments don’t count, so the maids a-milking are even with last year, too, at a paltry $58.

Turtle doves, however, are no bargain at $450, a 50% jump from last year. Neither are six geese a laying, up 35.7% at $570, and three French hens, up 15.7% at $210.

True Love also will have to spring extra for what likely are his beloved’s favorites each year — five gold rings. A quintet of the gold circles jumped $120, or 14.5%, to a total of $945.

Of course, these are you-pick-it-up prices. Web shopping has been big this year, and the cost of delivery has been factored into the PNC CPI internet prices. Indexers say a techy True Love will spend an extra $4,186.95 by shopping for his list online, paying a total of $20,355.09. After all, livestock purchases don’t get free shipping.

Will the CPI rebound in 2021? Only time will tell.

“Like the index, our concluding thought is on what sets the pace for the markets,” Agati said. “Consumer behavior is the drum beat for the U.S. economy. With 70% of US GDP tied to consumption, consumer health is key to future market performance. Keep an eye on guiding stars like retail sales, savings rates and ecommerce growth as indicators of the success of this holiday season.”

Interested persons can see the 2020 CPI at www.pncchristmaspriceindex.com, where educators and parents can find links for education activities and do-it-yourself craft projects.

File Photo