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.
Vacasa is the largest full-service vacation rental property management company in the United States. Today, it announced the launch of a new homeowner app to help users monitor how the company is managing their vacation rental homes. It comes as consumer confidence in travel is on the rise ahead of the holiday season. Vacasa CEO Matt Roberts joined Cheddar News' Closing Bell to discuss.
Everyone is stepping into the NFT space, including the Grammys. 'Oneof' is entering a three-year partnership with The Recording Academy to release exclusive NFTs commemorating the 64th, 65th, and 66th Annual Grammy Awards. A portion of the proceeds will also go to The Recording Academy's scholarship fund. Adam Fell, co-founder and board member of Oneof and the president of Quincy Jones Productions, joins Cheddar News to discuss the announcement.
'THEMAGIC5' produces swimming goggles that contour the face using advanced robot technologies and 3D printing. Both of the company's founders Bo Haaber and Rasmus Barfred went on ABC's 'Shark Tank' and caught a $1 million deal. The duo join Cheddar News to talk about what the new funding means for the company.
Molly Hayward, the founder of wellness brand Cora, joins Cheddar News to discuss the company's product, Period Balm, being a CEW Beauty Creators Awards Finalist.
Things are looking up for everyone's favorite crypto. Bitcoin rallied nearly 40% in October, hitting a record high of $66,975. That was the biggest single-month percentage rally since December 2020. On Monday morning, Bitcoin was trading 2.4% higher while Ethereum and Dogecoin were trading at 1.71% and 3.95%. Ben Armstrong, founder of BitBoy Crypto, joins Cheddar News to talk about the latest in the crypto space.
Laura Vozzella, local reporter for The Washington Post, joins Cheddar News to discuss the close gubernatorial race in Virginia and what voters are looking for in each candidate.
The U.S. Supreme Court takes a closer look at the Texas abortion law that was designed by its sponsors to evade constitutional review in federal court. Katie Barlow, journalist and social media editor at SCOTUSblog joins Cheddar News to breakdown what was discussed.
John Paul Mejia, the national spokesperson for the Sunrise Movement, joined Cheddar to talk about what the youth activist group wants to see from President Joe Biden as he attends the COP26 climate summit. Mejia admonished the president for having little to deliver on his own climate agenda domestically while at the conference. "We need the president to follow through with his promises because, frankly, it's a matter of life or death not only for communities here in the United States but also those looking to us around the world," he said.
ESG, or environmental, social, and governance, investing has surged in popularity recently, reaching new record highs in 2020. The goal is to invest in companies and products that advocate for social change, while earning markets returns at the same time. Lauren Dillard, EVP and Head of Investment Intelligence at Nasdaq, joined Cheddar to discuss the ESG investing fad and the potential risks associated with it.
