> '12 Days of Christmas' Items Would Cost Over $86,000

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'12 Days of Christmas' Items Would Cost Over $86,000
Monday, December 01, 2008

PITTSBURGH ? Given the economic downturn, even the most romantic
might balk at the $86,609 price tag for the items in the carol, "The
Twelve Days of Christmas."

That's this year's cost, according to the annual "Christmas Price
Index" compiled by PNC Wealth Management, which tallies 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
percent, from $78,100 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 Wealth Management,
which has been calculating the cost of Christmas since 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 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 $25 on
Amazon.com. 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."

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 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 percent, 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 Financial Services Group Inc. 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 this 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 percent 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 percent 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 percent, reflecting the general average wage increase.

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