Bloomberg Businessweek Holiday Cheer Comes at a Premium in 2025
Dec 16, 2025
Amanda Agati, Chief Investment Officer at PNC Asset Management Group, offers a deep dive into the 2025 PNC Christmas Price Index, revealing a 4.5% rise in holiday costs. She explores the surprising price surge of golden rings due to gold's market dynamics and links the pear tree's price hike to housing costs and supply challenges. Labor costs are also driving up expenses for festive performances. Despite rising prices, consumers remain willing to splurge, pointing to a robust holiday spending season.
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Holiday Index Outpaces Headline Inflation
- PNC's Christmas Price Index rose 4.5% year-over-year, outpacing the BLS CPI's 3.0% reading.
- The index reflects higher-end, specialty goods so it can diverge from headline inflation.
Gold Rings Drive Major Cost Increase
- The biggest price mover was five golden rings, up about 32.5% reflecting gold's strong performance.
- That surge partly shows asset-price movements and margin pressures passing into consumer costs.
Pear Tree Signals Housing Pressures
- The pear tree rose notably as a proxy for housing costs, reflecting tight supply and affordability stress.
- Lower mortgage rates haven't eased inventory shortages, keeping housing-driven prices high.