Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account “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.ĬNN’s Nathaniel Meyersohn and Elisabeth Buchwald contributed to this report 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. “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.” “Some of that spend is probably the consumer really looking for bargains for things that they would otherwise buy for the holidays,” Saunders said. On Cyber Monday, Buy Now, Pay Later purchases hit an all-time high, up 43% from a year ago, according to Adobe Analytics. “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.” “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. Economic uncertainty from the coronavirus pandemic and layoffs in some sectors have perhaps dimmed the American spirit of generosity. That’s down from 2022’s high of 9.1% but still below the Fed’s 2% target. Price inflation is 3.2% over the last 12 months. 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%. The current challenges in the economy may play a role. 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.Īccording to a report by Giving USA from this past June, Americans are giving the lowest percentage of their disposable income since 1995.Īmericans 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. 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. 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.”Īdobe 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. 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. “However, we are concerned to see a decline in participation in line with giving trends from the past year.” “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. 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. ![]() ![]() Americans seemed more willing to spend money on Black Friday and Cyber Monday, but less willing to donate money on Giving Tuesday.
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