Charitable Giving Market Size, Share, Growth, and Industry Analysis, By Type (Cash Donations and Non-Cash Donations), By Application (Religion, Health, Education, Environment, Social Welfare, and Others) and Regional Insights and Forecast to 2032

Updated On: 10 June 2024

CHARITABLE GIVING MARKET REPORT OVERVIEW

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The global Charitable Giving market size expanded rapidly in 2022 and will grow substantially by 2029, exhibiting a prodigious CAGR during the forecast period.

Charity gives you an avenue through which to offer your money, goods, or services to financially or spiritually distressed people and this offer happens without your anticipation of getting a same merit of a certain kind in return. It stems from the motivation for affecting a change with regard to the community, removing strife, and taking up the pursuance of humanitarian or environmental initiatives. Charity giving could be an entity of different forms and may include people, for-profit organizations, private foundations, and many others.

COVID-19 Impact: Market Growth increased by Pandemic due to Increased Need For Support

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The pandemic resulted in huge economic difficulty, job loss, and a surge of need for social services throughout the world. For people living in poverty especially those who are jobless, homeless, and who are at a social disadvantage, the attraction for charitable support such as offering food, housing, and health care, by charitable organizations has provided an additional way out.

LATEST TRENDS

"Peer-to-Peer Fundraising to Drive Market Growth"

Peer-to-peer philanthropy is increasingly being used by non-profit entities and individuals in order to raise funds on their behalf through social media. as well as online platforms such as crowdfunding and fundraising campaigns. Peer-to-peer fundraising encourages people to take up the torch of their supporting causes which results in grassroots mobility of support bases and expansion of donators. P2P fundraising helps people transform into advocates of the ones they care about, thus allowing group support and spreading information about their interests by simply utilizing their personal networks, social influence, and imagination. Participative volunteers can turn the supporters into an active component of the fundraising process. This can help to generate excitement, and can sense of ownership and involvement among the participants which will result in greater scalability and impact.

CHARITABLE GIVING MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into Cash Donations and Non-Cash Donations.

• Cash Donations- Cash donations describe the money directly coming from individuals, organizations, or businesses to nonprofit organizations that are there to help the cause of charitable. Such contributions usually come through different platforms like online fundraising & charity websites/pages, check payments, wire transfers, or cash donations from fundraising events.

• Non-Cash Donations- Noncash gifts, in which goods, services, or assets are provided to charitable organizations or causes by a donor, also called in-kind contributions, involve the donation of their respective kinds of things. They usually contribute by supplying tangible stuff, e.g., clothing, food, medical equipment, furniture, vehicles or equipment, and services in return which can be pro bono work, providing volunteer hours, or expertise.

By Application

Based on application the global market can be categorized into Religion, Health, Education, Environment, Social Welfare, and Others.

• Religion- Charitable giving in religion touches giving to churches, mosques, temples, synagogues, and other religious organizations to well-run operations, winning programs, and community interventions.

• Health- Giving in health is about the general charitable funding of healthcare organizations and research institutions that support their objectives in the advancement of scientific knowledge, discovery of new treatments, and provision of medical care to patients.

• Education- Educational charity makes it possible for students who cannot afford the fees to receive scholarships, private grants, and bursaries to finance or aid their academic studies and university education.

• Environment- Green Charitable donating which encourages conservation foundations, national parks, and wildlife conservancies in their struggle against mega-decomposition human beings, preserve biodiversity, and the protection of the environment among others.

• Social Welfare- Charitable service in social welfare provides the necessary materials which are shelter, food, and clothing to the population, which is considered as a margin before the decisions of the government are made.

DRIVING FACTORS

"Sense of Responsibility and Duty to Boost the Market"

One of the key driving factors in the global Charitable Giving market growth is the Sense of Responsibility and Duty. Donors are often fascinated by their sense of duty to keep society functioning orderly by helping those who are luckless. Whilst it is possible to be a press for social norms or cultural expectations which also can be driven by personal convictions, individuals may view charitable giving as a moral obligation or an ethical imperative to combine forces and meet collective responsibility and social demands at one point. A large number of people often find it a moral duty to get back to society and make an appreciable contribution to the better life of the less privileged. Such a sense of moral duty is built on ethics, religion, or conviction humanizing notions that insist on helping society and turning the world into a better place.

"Community Engagement and Networking to Expand the Market"

Another driving factor in the global Charitable Giving market is Community Engagement and Networking. Charity investments create capacities for community involvement, networking, and relationships for social development. They aid in the building of ties with the community, group, and stakeholders who share the same worldview. Donors may participate in giving campaigns, support activities, and philanthropic networks to tap into their networks, develop social connections, and share ideas to bring in improvements and build society together. Charitable support makes a vehicle for the construction of significant connections, co-existing with people who look alike; bringing a feeling of membership into a community. The donor's involvement in charity fundraising programs, volunteerism, and philanthropic interactions, give them an opportunity to establish relationships with individuals who are like-minded, share the same interests and values as well as have immense interest in social impact.

RESTRAINING FACTORS

"Trust and Transparency to Potentially Impede Market Growth"

One of the key restraining factors in the global Charitable Giving market is Trust and Transparency. There are two main reasons that are the trust, transparency inter-related influencing the intentions of the donor to give to single charities. Donors begin to worry about financial accountability, ethics, and the transparency of the organization, this can shatter their trust in the organization and a lot of them become reluctant to donate or begin to believe that Scams, misappropriation, and breach of trust are the case of when money is misused, mishandled, or corruption has taken place within the nonprofit sector that can lead to further compromise of donor trust and will negatively affect charitable giving. In some cases, doubt may pervade donors' minds about the true nature, reputation, and effectiveness of the charitable organizations they support if they feel that there is a lack of accountability and transparency about how their donations are being used. It is essential to have the information of donors taught to them on how the funds are mobilized, allocated, managed, and dispensed as they may tend not to donate as desired or ask for the impact of their donations and hence later lose the trust and confidence in the organization.

CHARITABLE GIVING MARKET REGIONAL INSIGHTS

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"North America Region Dominating the Market due to Strong Presence of Robust Non-Profit Sector"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America has emerged as the most dominant region in the global Charitable Giving market share due to several factors. North America, especially the United States, is well known not only to be among the most affluent charitable giving markets worldwide but is also recognized to be one of the most generous. It is the case of the United States that the country has a large nonprofit territory, where charitable donations are tax-exempt, as well as a tradition of treating and giving oneself. The US cities are the home to many major philanthropic foundations such as the Bill & Melinda Gates Foundation and the Ford Foundation. These organizations and institutions contribute a substantial number of financial resources to the causes of humanity across the world. In addition, philanthropy (giving) is an integral part of Canada, with its unique culture, a different variety of charitable bodies, and philanthropic foundations.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The Charitable Giving market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of Charitable Giving options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in Charitable Giving, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Feeding America (U.S.)
• Goodwill Industries International (U.S.)
• United Way Worldwide (U.S.)
• Lutheran Services (U.S.)
• Salvation Army (U.K.)

INDUSTRIAL DEVELOPMENT

2022: The impendence and applications of blockchain technology are becoming one way to increase the transparency, accountability, and faith of the organisms with the charity giving.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.