Christmas Has Never Been This Expensive

One Pricey Partridge

The cost of Christmas is ever increasing. Inflation pushing up prices over the past years is making the holidays a more expensive period for American households.

Even the poor old partridge in a pear tree is not immune to this. The price of the twelve gifts described in the classic song “The 12 Days of Christmas” is at a record high of $46,730, according to PNC’s (PNC) 2023 Christmas Price Index .

A Tale of Two Indexes

That number represents a 2.7% increase versus last year, reflecting persistently high inflation, despite well over a year of aggressive policy by the Federal Reserve to curb rising costs.

The Christmas Price Index is not to be confused with the Consumer Price Index that the Labor Department publishes every month. But while the latter reflects a broad basket of goods, the Christmas gauge focuses on discretionary purchases.

On the plus side, the Christmas Index is lower than inflation, which was up 3.2% year-over-year in October, and 7.7% over the same period last year.

Silver Linings

Even though costs have again risen this year, they have gone up at a slower pace compared to the whopping 10.5% increase between Christmas 2021 and 2022. And not everything has gotten more expensive either.

Either way, the high cost of turtle doves hasn’t seemed to stop consumer spending yet. Black Friday and Cyber Monday both set new online sales records too, even as more consumers are choosing buy now, pay later options this year, meaning much of the sky-high holiday costs are yet to be paid.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Check it out

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement.
No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
SOSS23113001