While Black Friday and Cyber Monday did well, Giving Tuesday lagged

Dec 3, 2023, 2:26 PM

People walk past advertised Black Friday discount signs at the Macy's retail store inside the Queen...

People walk past advertised Black Friday discount signs at the Macy's retail store inside the Queens Center Mall, New York, NY, Nov. 24. (Anthony Behar, Sipa uSA/AP)

(Anthony Behar, Sipa uSA/AP)

(CNN) — Americans seemed more willing to spend money on Black Friday and Cyber Monday, but less willing to donate money on Giving Tuesday.

While the raw number of dollars donated, $3.1 billion, represents a 0.6% gain from 2022, the number of Americans who participated, roughly 34 million, indicates a 10% decline from last year according to data GivingTuesday Data Commons shared with CNN.

“Our goal with GivingTuesday, not just on the day itself but year-round, is to create an ecosystem of giving that helps communities, causes, and organizations across the globe,” said Asha Curran, GivingTuesday’s CEO in a news release. “However, we are concerned to see a decline in participation in line with giving trends from the past year.”

Giving Tuesday, started in 2012 by the 92nd Street Y in New York City and the United Nations Foundation, is meant to encourage giving back and to inspire generosity on the first Tuesday after Thanksgiving.

Over 200 million Americans, more than 60% of the nation’s population, shopped online or in person during the five days from Thanksgiving to Cyber Monday according to the National Retail Federation, also known as “Cyber Week.”

Adobe Analytics reports that Americans spent a record $9.8 billion for online Black Friday sales and $12.4 billion on Cyber Monday, representing gains of 7.5% and 9.6% respectively when compared to 2022.

A miserly trend?

Giving Tuesday’s decline in participation is not an isolated incident, but rather, as its organization acknowledges, part of larger trends philanthropic organizations are experiencing.

While Americans are some of the most charitable people on earth according to some studies, some wonder if the current trend toward Ebenezer Scrooge is a temporary or longer term effect.

According to a report by Giving USA from this past June, Americans are giving the lowest percentage of their disposable income since 1995.

Americans gave just 1.7% of their disposable income in 2022, with charitable giving declining from 2021 by 3.4% to $499.3 billion, which represents an even larger decline of 10.5% when adjusted for inflation.

The current challenges in the economy may play a role. The Federal Reserve has raised Interest rates at their fastest pace in four decades, with the benchmark federal funds rate settling at a range between 5.25% and 5.5%.

Price inflation is 3.2% over the last 12 months. That’s down from 2022’s high of 9.1% but still below the Fed’s 2% target. Economic uncertainty from the coronavirus pandemic and layoffs in some sectors have perhaps dimmed the American spirit of generosity.

Buy now, pay later, donate when?

“I think the numbers are very interesting in terms of Black Friday and Cyber Monday but they don’t tell you the whole picture,” said Neil Saunders, managing director of GlobalData Retail. “For example, what they don’t tell you is that a lot of those purchases have been made on credit, more than ever have been made on Buy Now, Pay Later type schemes.”

On Cyber Monday, Buy Now, Pay Later purchases hit an all-time high, up 43% from a year ago, according to Adobe Analytics.

“Some of that spend is probably the consumer really looking for bargains for things that they would otherwise buy for the holidays,” Saunders said. “And I think when you start to place that wider context around it, what it paints is a picture of a consumer that isn’t perhaps completely robust, that is struggling somewhat.”

The US remains one of the most generous countries according to the Charities Aid Foundation’s 2023 World Giving Index showing that 76% of Americans surveyed helped strangers, 61% donate money to charitable causes and 38% volunteer.

“I think most people are fairly charitable and will make donations, but when times are pretty hard and maybe you’re really looking for the bargains …Charity does take a bit of a back seat,” Saunders said.

KSL 5 TV Live



Daniel Woodruff

Utah Legislature approves allowing more children at unlicensed day care facilities

A bill in the Utah Legislature that aims to allow unlicensed providers to care for up to eight children instead of six passed the house and senate. It now awaits Gov. Cox's signature.

2 hours ago

Neilson-Berg explaining the hassles and trouble she has been going through to get into contact with...

Matt Gephardt

Get Gephardt helps Google Fiber customer get her internet fixed after customer service calls go nowhere

When a Salt Lake City woman's internet connection went down, and she couldn't get a straight answer as to when it would be back up, she decided to Get Gephardt.

2 hours ago

a sign announcing rent...

Daniel Woodruff

Utah senators kill compromise bill giving tenants more notice of rent increases

A Utah lawmaker’s push to give tenants more notice of rent increases hit a wall as Republicans on a Senate committee voted not to advance it.

2 hours ago

Electronic Arts plans to lay off 5% of its employees, making it the latest company in the gaming an...

Clare Duffy, CNN

Electronic Arts to lay off 5% of staff as gaming industry layoffs widen

Electronic Arts plans to lay off 5% of its employees, making it the latest company in the gaming and tech space to reduce its workforce.

8 hours ago

Cave filled with clear water...


You know the most visited, but here are the least visited US national parks in 2023

There are no roads and no trails in America’s least-visited national park. Just vast wilderness. Alaska’s Gates of the Arctic National Park & Preserve, located 200 miles (322 kilometers) north of Fairbanks, stretches over 8.4 million acres.

1 day ago

(File photo)...

Tamara Vaifanua

Free financial workshop teaches how to budget, invest

When dealing with your finances, you hear a lot about budgeting, investing, and credit scores. It can all be overwhelming.

1 day ago

Sponsored Articles

Modern chandelier hanging from a white slanted ceiling with windows in the backgruond...

Lighting Design

Light Up Your Home With These Top Lighting Trends for 2024

Check out the latest lighting design trends for 2024 and tips on how you can incorporate them into your home.

Technician woman fixing hardware of desktop computer. Close up....

PC Laptops

Tips for Hassle-Free Computer Repairs

Experiencing a glitch in your computer can be frustrating, but with these tips you can have your computer repaired without the stress.

Close up of finger on keyboard button with number 11 logo...

PC Laptops

7 Reasons Why You Should Upgrade Your Laptop to Windows 11

Explore the benefits of upgrading to Windows 11 for a smoother, more secure, and feature-packed computing experience.

Stylish room interior with beautiful Christmas tree and decorative fireplace...

Lighting Design

Create a Festive Home with Our Easy-to-Follow Holiday Prep Guide

Get ready for festive celebrations! Discover expert tips to prepare your home for the holidays, creating a warm and welcoming atmosphere for unforgettable moments.

Battery low message on mobile device screen. Internet and technology concept...

PC Laptops

9 Tips to Get More Power Out of Your Laptop Battery

Get more power out of your laptop battery and help it last longer by implementing some of these tips from our guide.

Users display warnings about the use of artificial intelligence (AI), access to malicious software ...

Les Olson

How to Stay Safe from Cybersecurity Threats

Read our tips for reading for how to respond to rising cybersecurity threats in 2023 and beyond to keep yourself and your company safe.

While Black Friday and Cyber Monday did well, Giving Tuesday lagged