Merry Christmas from the Access/Information team! Christmas is celebrated in various ways across the world. One of the common methods of celebrating the holiday is through giving. And while IBISWorld expects gift giving to grow 4.8% to reach a value of $183 billion in the United States this year, Christmas also represents a time of increased philanthropic giving.
A recent study by First Capital Cashflow found that 38% of people are more likely to donate to a good cause during the holiday season. Women are more likely than men to donate at a rate of 41% to 35%. There is also a differentiation between age groups, with people aged 18 – 24 being the most willing to give money, followed closely by those aged 25 – 34.
Philanthropic giving is not just important to consumers. The 2016 Giving in Numbers edition, developed by CECP found that business performance is tied to social responsibility. “Companies that increased total giving by at least 10% between 2013 and 2015 saw increases in revenue and pre-tax profit, as opposed to all other companies, which actually saw decreases in both metrics.”
In addition to increased revenue, philanthropic giving helps build trust with consumers and other stakeholders. It can also be a valuable way to connect with and support the local community, as community involvement helps to build brand recognition and enhance the reputation of your company.
Corporate giving can also increase employee engagement. For consecutive years, CECP research has indicated that employee giving programs can increase both engagement and productivity, while decreasing employee turnover.
Are there any causes that your businesses is supporting this holiday season?