First, it was Black Friday. Then came Cyber Monday. Then Small Business Saturday became a thing. Holiday shopping events are a marketing team's holy grail, an opportunity to change consumer behavior writ large that doesn't come around very often.
Enter Giving Tuesday, the most recent of the holiday shopping holidays ー though this one is all about altruism. Started in 2012 by the New York nonprofit 92nd Street Y, in partnership with the UN Foundation, the movement has grown to become a de facto response to the consumerism that surrounds the holiday season, in which companies and non-profits urge people to donate money or time to charity ー at least for a day.
According to predictions from the data firm Whole Whale, #GivingTuesday, as it's known online, is expected to top $500 million for the first time, a 25 percent increase from the estimated $400 million that was donated online last year. Still, that haul represents less than 14 percent of the amount of money that will be spent online on Tuesday, according to Adobe Analytics data.
Save the Children, the 100-year-old charity that works to help disadvantaged kids in 120 countries, is among the nonprofits that looks to Giving Tuesday for a portion of its annual fundraising. CEO Carolyn Miles told Cheddar in an interview that millennials still have limited awareness of the day. Save the Children is trying to leverage its relationships with brands and celebrities to spread the word on its social media accounts (and to broadcast that it is matching all donations, 1:1, on Tuesday).
The charity has partnered with red-hot designers like Gabriela Hearst, who is donating 100 percent of the net proceeds from her handbag sales to Save the Children's efforts in Yemen. Those handbags are typically only available by invite, though Hearst is opening the collection to the public this week to spur donations. There are also partnerships with Dave Matthews Band, Jennifer Garner, and the shoe brand Toms.
Many people who give want their donations to help "closer to home," Miles said, noting that Save the Children also works in impoverished communities in the U.S. as well as "all the toughest places to be a child in the world."
The charity counts on the last few weeks of the year for nearly a third of its donations, she said, which is why the awareness around Giving Tuesday is particularly important. Save the Children has an operational budget of $2.2 billion ー equivalent to the entire budget of the newly created U.S. Space Force over the next five years. Last year, it brought in a half-million dollars, the latest in a number that has been "growing every year," though it is still a fraction of the overall budget. The rest comes from corporations, foundations, individual donors and grants from the UN, she said.
Home essentials maker Outlines announced its launch at the beginning of 2022, along with $1 million in pre-seed funding led by Social Impact Capital. Outlines says it is re-imagining how we keep our homes clean while also reducing plastic waste. The company's debut product, the Shower Liner System, is made of long-lasting materials, including easy-to-recycle plastic. Outlines co-founder and CEO Luke Young and co-founder and COO Megan Ceryanec joined Cheddar News' Closing Bell to discuss.
Simeon Siegel, managing director and senior analyst at BMO Capital Markets joins Cheddar News to discuss CNBC's report that Peloton plans to halt production, despite the company's CEO denying those claims.
Mona Zhang, states cannabis policy reporter at POLITICO Pro joins Cheddar News to discuss major factors that caused Canada's retail marijuana sales to drop last year.
Jackie Rotman, founder and CEO of the Center for Intimacy Justice joins Cheddar News to talk about why Facebook is banning ads by companies targeting women's sexual health but not ads catered to men.
The NCAA has updated its policy on transgender athletes, allowing each sport’s national governing body to make its own decisions for transgender participation. The new rule is in line with recent changes from the U.S. and International Olympic and Paralympic Committees. Joanna Hoffman, communications director of Athlete Ally, joined Cheddar News to discuss the potential impact of the new rule on the transgender community.
"Saturday Night Live" alum Will Forte is hosting the late-night comedy show this weekend alongside musical guest, Måneskin. Forte, who spent a decade working on the iconic NBC show, is currently starring in "MacGruber," the SNL-sketch-turned-movie that is now streaming on Peacock as a tv series.
TikTok recently announced that it is testing a paid subscription model. The news comes days after Instagram publicized a similar service. TikTok has made $2.3 billion from in-app purchases, but mostly through tips, in 2021, showing that its users may be open to spending money on the platform.
The NCAA voted to streamline their constitution at their annual convention on Thursday. Each of the three college divisions can decide how student-athletes can make money from outside sources but still restricts schools from directly paying its players.
If you are looking for a new job, you might want to start looking in a different city. A new report from indeed reveals how certain metro areas are seeing faster growth in job openings than others. Economist at Indeed Hiring Lab AnnElizabeth Konkel, joined Cheddar to discuss more.
Netflix beat its earnings projections for Q4 — but the stock still plummeted as the streaming pioneer cut back on its forecast for future subscribers. Michael Robinson, the chief technology strategist at Money Map Press, joined Cheddar to discuss the report and what's driving the downward pressure on its shares. "It's the growth is really what's worrying people," he said. "'A' we have slowing economic growth, and 'B' we've got slowing growth for this company, as 'C' we have an increase in competition."
