Giving Tuesday: Definition, Taxes, and Impact

Giving Tuesday is a global initiative that encourages people and organizations to donate their time and money to charitable causes on the Tuesday following Thanksgiving in the United States. The initiative was created in 2012 as a joint project between New York City’s 92nd Street Y and the United Nations Foundation.1

As the Giving Tuesday movement focuses on giving and the awareness of those in need, it acts as a counterweight to the retail shopping events that immediately precede it on the calendar: Black Friday and Cyber Monday.

Key Takeaways

• The Giving Tuesday initiative was started in 2012 to encourage the global community to focus on altruism.
• People can take part in Giving Tuesday by making financial donations or helping their communities.
• Giving Tuesday takes place on the Tuesday after the Thanksgiving holiday in the United States.
• The event has raised billions of dollars in charitable contributions for nonprofit organizations.

Understanding Giving Tuesday

Giving Tuesday is a relatively new phenomenon and occurs on the Tuesday after Thanksgiving. Established as a day of global giving, it is meant to promote altruism and generosity following the days of consumerism after the Thanksgiving holiday (Black Friday, Small Business Saturday, and Cyber Monday).

Giving Tuesday was designed to encourage people to open their wallets and make donations to worthy causes.2 In other cases, organizations ask people to consider making other gestures to support their communities, like volunteering their time.3

Millions of people have taken part in Giving Tuesday since its inception, raising billions of dollars for charities and communities around the world. Corporations and other organizations also take part in the event—many of which promise to match donations.

34 million

The number of people who participated in Giving Tuesday in 2023, up 10% over 2022.4

Social Media

According to the Giving Tuesday website, organizations can capitalize on the awareness generated by the event in a number of ways, whether by creating volunteer-driven events, developing fundraising campaigns, or hosting guest speakers.53 Businesses and nonprofit groups can amplify the message of giving back by using the hashtag #GivingTuesday on social media. 

The movement also fostered the development of philanthropic efforts tailored to local needs and specific groups. Hundreds of Giving Tuesday communities have sprouted up in the United States, including groups using the hashtags #MuslimsGive, #iGiveCatholic, #GivingTuesdayLGBTQ, and #GivingTuesdayMilitary.

The Giving Tuesday organization does not receive funds on behalf of charitable entities⁠—nonprofits receive the donations directly.6

History of Giving Tuesday

Leaders at the 92nd Street Y in New York City launched Giving Tuesday in 2012 as an effort to focus on benevolence during the early holiday season when events like Black Friday and Cyber Monday often command the public’s attention. The idea was to unleash a wide array of charitable efforts, from organizing local clothing drives to making donations that support anti-hunger initiatives worldwide.

Asha Curran, then 92Y’s chief innovation officer, and Henry Timms, who was its executive director, traveled across the country to promote the idea. The organization was able to draw vital support from the United Nations Foundation, which became the initiative’s co-founder.1

Giving Tuesday spun off from 92Y in 2019, becoming an independent organization named GivingTuesday, with Curran serving as its chief executive director (CEO).7 According to its website, the organization’s goal is "to build a world in which the catalytic power of generosity is at the heart of the society we build together, unlocking dignity, opportunity, and equity around the globe."8

Global Impact of Giving Tuesday 

More than 2,500 nonprofit organizations took part in Giving Tuesday in the first year, raising approximately $12 million.9 The movement’s impact has increased dramatically since then. Donations totaled $3.1 billion in the U.S. in 2023, representing a 0.6% increase from 2022.4 It is now a global phenomenon, with more than 100 countries claiming their own national Giving Tuesday movements.10

A number of key corporate and philanthropic partners helped bolster donations by offering matching funds on individual donations. For example:

• The Bill & Melinda Gates Foundation has taken part in the Giving Tuesday movement. In 2022, the organization made a $10 million grant to GivingTuesday to further the cause.11
• Major corporations like United Airlines, JP Morgan Chase, Coca-Cola, and Casper participate by matching gifts and giving to registered charities and other organizations.12
• Meta joined the Giving Tuesday movement and now has a six-week Giving Season, beginning on November 15. The company pledged to match all gifts up to $7 million in 2022 during Giving Season.13 The movement continued in 2023.14
  

In response to the COVID-19 pandemic, Giving Tuesday created #GivingTuesdayNow, an event that took place on May 5, 2020, to spur donations, civic engagement, and volunteerism to combat the health crisis. The one-time event raised more than $503 million in online donations and spawned a social media presence in more than 145 countries around the globe.15

Tax Deductions and Giving Tuesday Donations 

Taxpayers who itemize their deductions have an extra incentive to make contributions on Giving Tuesday and at other points throughout the year, as those donations reduce their taxable income.

However, the number of households that itemize shrank considerably after the Tax Cuts and Jobs Act (TCJA) of 2017, which eliminated many individual deductions and nearly doubled the standard deduction. This remains in effect until 2025.16

When Is Giving Tuesday?

Giving Tuesday occurs on the Tuesday after Thanksgiving in the United States. In 2024, it falls on Dec. 3.

How Much Does Giving Tuesday Raise?

In 2023, Giving Tuesday raised $3.1 billion in total donations in the United States. This amount was 0.6% more than the previous year.4

How Can I Participate in Giving Tuesday?

There are numerous ways to participate in Giving Tuesday. You can donate your time or money to a charitable cause. Promoting the movement and altruism by using the hashtag #GivingTuesday on social media is another way.

The Bottom Line

Since its inception over a decade ago, Giving Tuesday has raised billions of dollars for nonprofit organizations. It was launched to encourage people around the world to donate their money or time to charitable causes. Today, more than 100 countries take part.

Article Sources

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1. Bridgespan Group. “Long-Distance Nonprofit Leadership - Giving Tuesday CEO Asha Curran.”
2. GivingTuesday. “About GivingTuesday.”
3. GivingTuesday. "How to Participate in GivingTuesday."
4. GivingTuesday. "Millions Unite Around Generosity Across the Globe to Celebrate GivingTuesday 2023."
5. GivingTuesday. "Generosity Toolbox."
6. GivingTuesday. “Frequently Asked Questions.” Select "Will my donation be matched on GivingTuesday?"
7. Chronicle of Philanthropy. ”GivingTuesday Is Now an Independent Nonprofit.”
8. GivingTuesday. “Frequently Asked Questions.” Select "What is GivingTuesday?"
9. Nonprofits Source. “Giving Tuesday Statistics for Nonprofits.”
10. GivingTuesday. “The GivingTuesday Global Network.”
11. GivingTuesday. "GivingTuesday Announces New $10 Million Grant from the Bill & Melinda Gates Foundation."
12. GivingTuesday. "GivingTuesday Toolkit for Companies and Brands."
13. Meta. "New Way to Support Nonprofits This Giving Season."
14. Meta. "Unlock Your Nonprofit’s Giving Season Potential."
15. GivingTuesday. “#GivingTuesdayNow Impact Report.”
16. Tax Policy Center. "How Did the Tax Cuts and Jobs Act Change Personal Taxes?"