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.
A just-released Harris Poll revealed that there are some differences of opinion among workers on returning to the office. The survey showed that 52 percent of women would still prefer to work from home versus 41 percent of men. The report also showed that 52 percent of black workers and 50 percent of women see it as being better when it comes to career advancement. Dr. Laura Morgan Roberts, professor of practice at the University of Virginia’s Darden School of Business, joined Cheddar News to explain the report. "The first set of observations are about infrastructure and flexibility. The second are about inclusion," she said. "And so what we've learned from many non-white workers are that they appreciate the opportunity to focus more on their tasks and to be buffered in a sense from some of the hostilities and the exclusive environment and practice that they had to navigate for many years in their in-person offices."
Roku shares dropped during Friday's session after the streaming company reported Q4 revenue on Thursday that missed expectations, and disappointing guidance for the Q1 of 2022. Tuna Amobi, director and senior analyst at CFRA Research, joins Cheddar News' Closing Bell to discuss what it means for investors and the company's future.
The Retail Industry Leaders Association released a report alleging the safety risks, economic losses, and potential job losses they link to a surge in shoplifting crimes in the United States. Lisa LaBruno, senior EVP of retail operations at the trade organization, joined Cheddar News to discuss the impact of websites that allow for the resale of unverified goods and passing the INFORM Consumers Act to stamp it out. “We need to hold the online marketplaces accountable for being a favored venue for criminals to resell stolen product," LaBruno said. "And that is exactly what the INFORM Act is designed to do."
Jamaican Olympic alpine skier Benjamin Alexander joins Cheddar News to discuss his first Olympic appearance and creating more opportunities for diversity in the sport.
Nzingha Samuel, social entrepreneur and community developer at E & Z Star Culture, joins Cheddar News to talk about her efforts creating a space for Black Americans in Ghana.
Cindy Blanco, senior learning scientist at language learning platform Duolingo, joins Cheddar News to discuss users now being able to learn Haitian Creole.
While the United States were once again among the top nations in 2022 Beijing Winter Olympics to medal, with the games just ended, the focus turns to the athletes coming home and the mental toll the competition take on them. Lauren Gibbs, the 2018 Team USA silver medalist in bobsledding, joined Cheddar News to give her perspective on this year's games and what the competitors have gone through. “Its definitely a mixed bag, you know? It's like I just had the most incredible athletic experience of my life, but then its like its over in a flash," Gibbs said about the feelings an athlete can go through after finishing. She noted that it's important for them to be vocal and reach out to support networks after the rush of competition ends.
In 2021, Americans reported losses from so-called romance scams hit an all-time high of $547 million, or six times the total losses in 2017, according to the FTC.
