Giving Tuesday charitable tally jumps 44% to smash record

From cash for classrooms to socks for the homeless, #GivingTuesday broke a record this year as consumers turned their attention to helping others following the shopping frenzy of the Thanksgiving weekend.

A gateway to the flurry of charitable giving that takes place at the end of the year, Giving Tuesday sparked $168 million in charitable donations worldwide, topping last year's tally by 44%. Meanwhile, volunteers pledged thousands of hours to assist their neighbors and those in need.

#GivingTuesday, launched in 2012, is the brainchild of New York City's 92nd Street Y, which, along with the United Nations Foundation, designated the 24-hour period as a time for consumers to encourage each other through social media to donate their time, talents or cash to a cause or organization.  This year, more countries joined the effort than ever before, with people in 98 nations making 1.6 million contributions, and the average gift adding up to $108.

The day dedicated to philanthropy came on the heels of a holiday weekend that saw record-breaking sales as shoppers chased steep discounts rolled out by retailers from Thanksgiving through Cyber Monday.

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"This year we are seeing #GivingTuesday begin to emerge as a national ritual,'' says Henry Timms, co-founder of #GivingTuesday and executive director of the 92nd Street Y. "After two days of getting deals, and a divisive political season, people are ready to celebrate the things we have in common: our generosity as Americans. That can mean donating money to a cause we believe in, but it's also about volunteering in the community, running a coat drive or talking with children about the importance of giving."

Giving Tuesday embraces season of giving

While 33% of yearly donations happen between Nov. 1 and Dec. 31, philanthropy by American consumers occurs year-round. Among households that donate to charity, one in four focus their contributions on political causes, according to marketing data and analytics company Acxiom. Organizations or institutions focused on health, religion, children or environmental wildlife round out the top five.

And while households that on average earn $136,562 a year donate the largest amount to charity, Acxiom found that it was the lowest-earning households that gave away the largest chunk of their incomes. Those with an average yearly income of $17,500 gave a typical donation of $686 — 4% of their earnings. That’s compared with the $1,700 on average given by the most affluent households, which equaled 1% of their incomes.

Beyond the altruistic, charitable giving can also be good for business. An eBay survey found that over 50% of Americans and 67% of Millennials said they would be more inclined to buy a gift from a company that contributed to charity than one that did not.