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.
Bobby Berk, designer, author, and star of Netflix's "Queer Eye," joined Cheddar News to talk about his new partnership with Lowe's Hometowns, a program to help projects across the nation over five years and with $100 million in funding to give aid to selected communities. Bobby Berk nominated “My Friend’s Place”, a shelter for homeless LGBTQ teens in Los Angeles. "I was homeless when I was a teen. I left home because I had to come out, and to be able to give back to these people who are going through the same things that I went through, it just means so much," he said.
In recognition of National Women’s Day, the pharmaceutical company Organon is giving all of its employees the day off. Geralyn Ritter, head of external affairs and ESG, for the women's therapeutics business, joined Cheddar News to discuss its call to action and its platform to grow awareness regarding specific health challenges women face. “We need to be more aware of the disproportionate impact that a tremendous number of stressors have on women and that includes broader global events from climate change to the tragedy unfolding in Ukraine with miles-long lines of women and children," Ritter said. "We simply have to make a decision that this is not acceptable anymore."
Ukrainians can't escape, six million COVID deaths, and 'The Batman' saves the box office. Here is all the news you Need2Know for Monday, March 7, 2022.
The pandemic, chip shortages, and now war. Automakers around the world have been getting slammed, and it now seems like things could get worse. Several car manufacturers have announced they are halting sales or shutting down factories in Russia after nations around the world moved to tighten sanctions against the country. Lisa Whalen, Auto and Mobility Analyst for Morning Consult, joins Cheddar News' Closing Bell to discuss.
Shared EV service Revel raised $126 million in a Series B round. Revel first came on the map in 2018 with its shared electric moped service in New York City, which has since expanded to other cities on the east coast. The company also operates an all-Tesla ride-hailing service in Manhattan.
Now, it is looking to expand its network of EV fast-charging stations, which the company calls super-hubs. Frank Reig, CEO of Revel, joins Cheddar News' Closing Bell to discuss.
There will soon be another, lower-cost subscription option for Disney+ — but with commercials. Disney will launch the new ad-supported tier for its streaming service in the U.S. later this year and internationally in 2023, but so far there is no word on an exact launch date or price for the new service option. Tal Chalozin, co-founder and CTO of online ad tech company Innovid, joined Cheddar News' Closing Bell to discuss what the news could mean for the next chapter of the streaming wars. "I wouldn't say that are worried about subscriber growth, but they have big goals to fill," he said. "They need to go to the mid-market or the longer tail. An ad model, always proven that that that's the way to go to mass market in television."
During a time of chaos, Americans might be finding it harder than ever to relax. Author Deepak Chopra joined Cheddar News to discuss his new book, "Abundance: The Inner Path to Wealth," for his readers to find peace from within. “I focused only on one thing, and that is what is fundamental reality," he said. "And once you know that fundamental reality is not your mind, not your body, it's your spirit." He also suggested music for National Day of Unplugging, which falls on March 4.
