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.
Cheddar News Wrap anchors Ken Buffa and Hena Doba celebrate the conclusion of the Scripps National Spelling Bee on Thursday night by going head-to-head in our very own contest.
Tech-enabled residential hospitality company Mint House recently raised $35 million in a Series B round led by Mohari Hospitality. Mint House was described by one of its backers as 'the best of a hotel without the worst of a hotel, and the best of an Airbnb without the worst of an Airbnb.' Mint House offers apartment-style lodging across the country. The company claims its spaces combine the comfort of a home with the luxury of a hotel in order to give guests all of the perks and none of the tradeoffs. Will Lucas, Founder and CEO of Mint House, joins Cheddar News' Closing Bell to discuss.
Fintech company Acrisure recently raised $725 million in a new funding led by a wholly-owned subsidiary of the Abu Dhabi Investment Authority, bringing the company's valuation to $23 billion. Acrisure offers financial solutions including insurance, reinsurance, real estate services, cyber services, and asset management. The company says its financial solutions are powered by the best of human and artificial intelligence. Greg Williams, co-founder, CEO and President of Acrisure, joins Cheddar News' Closing Bell to discuss.
Jada Pinkett Smith took to her Facebook Watch series, "Red Table Talk" to address the infamous slap by her husband Will Smith on Chris Rock at the past Oscars ceremony. This particular episode centered around her own diagnosis of Alopecia, which became highlighted in the wake of Rock's joke directed at her.
High school seniors are finalizing their college plans for the fall and figuring out their next moves, but experts say the college ranking system can be confusing, and can lead many to make the wrong choice about their futures. John Nader, president of Farmingdale State College, joins Cheddar News to discuss.
We are in the midst of a mental health crisis that needs more attention. New data shows the large toll that the pandemic took on students' mental health with 7 in 10 public schools reporting a rise in the number of students seeking mental health services. Only about half of those schools are able to meet those demands. Dr. Pete Loper, pediatrician and child and adolescent psychiatrist, joins Cheddar News to discuss.
Join Cheddar News as we break down the top headlines this morning including updates on the Tulsa medical center shooting, Johnny Depp V. Amber Heard verdict, and Democrats push for gun control reform.
Caring for one’s emotional well-being is just as important as physical health, but many groups face increased stigmas surrounding mental wellness. Cheddar News looks into the taboos that prevent the AAPI community from seeking help and how one tech company is trying to solve the problem. Plus, explore emerging trends in wellness and learn unique ways to help you get centered.
Queen Elizabeth is celebrating 70 years on the British throne this weekend. The Platinum Jubilee kicks off Thursday. She is the longest-reigning monarch in British history. Cheddar's Shannon LaNiere takes a look back at her remarkable reign.
