In the current economic landscape, the cost-of-living crisis is taking centre stage, impacting individuals and families worldwide.
This blog explores how the escalating cost of living is affecting those who generously donate to fundraising campaigns and examines the evolving trends and predictions in the fundraising realm for 2024.
The Cost-of-Living Crisis and Donor Impact
Financial Strain on Donors
The rising cost of living, driven by inflation, housing expenses, and increasing commodity prices, is placing financial strain on individuals. Donors, who are already dealing with the challenges of making ends meet, may find it more challenging to allocate funds for philanthropy.
Understanding the economic pressures on donors is crucial for non-profits and charities to tailor their fundraising strategies accordingly.
Shift in Donor Priorities
As the cost of living intensifies, donors are re-evaluating their philanthropic priorities. Basic needs and financial security understandably take precedence, potentially leading to a decline in discretionary spending, including charitable donations.
Non-profits and charities need to be aware of these shifting priorities and adapt their messaging to resonate with the current concerns of their supporters.
Fundraising Predictions and Trends for 2024
Shifting the Focus to Small Charities and Non-profit Organisations
Despite the ongoing cost of living crisis, major charities appear to be maintaining their donation levels, often due to extensive advertising budgets.
Conversely, smaller charities are experiencing a decline in support. It’s crucial to recognise the vital role these smaller organisations play – they offer immediate and direct assistance to individuals, communities, and causes, fostering a tangible impact.
It’s important to acknowledge the importance of sustaining both big and small charities, noting that the latter, with their localised focus and personal connections, contribute significantly to the fabric of our communities and the well-being of those in need.
Flexible Giving Options
To accommodate varying financial capacities, fundraising campaigns in 2024 may introduce more flexible giving options. Offering flexible giving choices, allows donors to adapt their donations based on their financial situation at any given time.
PayPoint, a digital payments company, discovered that nearly two-thirds (64%) of people who make monthly donations would appreciate the ability to adjust the sum and frequency of their donations.
GoodHub lets donors set up a monthly donation which they can alter as often as they need or want.
Flexible giving enables people to contribute according to their means. The advantages for organisations are even more evident: flexible giving boosts donations and increases retention.
Digital Campaigns and Virtual Events
The digital shift observed in recent years is set to continue, with non-profits and charities relying on virtual events, social media, and online campaigns to engage donors.
These platforms provide a cost-effective means of reaching a broad audience and fostering a sense of community around shared causes.
If you’re interested to learn how you can use social platforms to boost donations, check out our article 5 Tips for Promoting Your Fundraising Campaign on Social Media.
Fundraising Made Easy with GoodHub
At GoodHub, we aim to provide you with a fundraising platform that redefines what it means to give. We’ve established a giving culture focused on genuine effect, driven by our vision, and we think that every act of generosity, no matter how little, has the capacity to create great change.
So, if you’d like to make a difference today, come join us in our mission to give better. To register your charity or non-profit, or to donate or fundraise for a worthy cause, just hop onto the GoodHub platform or get in touch with one of our friendly support team members.