The Financial Times reports that former President Donald Trump heads into the 2024 election cycle with 200,000 fewer contributors than in the previous presidential campaign. However, he still has more donors in raw numbers than his competitor President Joe Biden. At this point in the election, these numbers indicate how the campaigns should pivot.
Trump Boasts 516K Individual Donors in 2023, over 200k Less Than 2019
In the latter half of 2023, Trump’s campaign and related political action committees garnered approximately 516,000 contributors, a decrease from 740,000 during the equivalent period in his last presidential run, according to the Financial Times.
Biden Had 473K Individual Donors in 2023, Twice as Many as 2019
In contrast, President Joe Biden secured donations from 473,000 contributors in the same timeframe in 2023, which, although fewer than his potential competitor, is nearly twice his donor count from the latter half of 2019 during his quest for the Democratic nomination.
Trump Raised $189 Million in 2023 Compared to Biden’s $202 Million
In 2023, Trump and his affiliated entities managed to raise $189 million from their contributors, whereas Biden attracted $202 million from a comparatively smaller group of donors. Democrats are bracing for a challenging election year.
Number of Individual Donors and Where They Live Matters for Campaigns
In campaign finance law and elections, the number of donors and their whereabouts are just as important as the round number raised. More donors donating to a specific presidential candidate represent more constituents voting for said candidate.
Wide Base of Donors in Varied Locations Signifies Best Odds of Winning Election
It is more impressive and indicative of support to see donors and the voters they represent spread out throughout the country, which shows a diversity of support rather than concentrated regions whose votes are absorbed into electoral college votes in the end.
Trump’s Reduction in Donor Numbers Important Factor for Campaign to Address
The reduction in Trump’s donor base is a notable indicator, although not yet a crisis. The need for rapid recovery in donor numbers is critical, especially among small-dollar contributors, to maintain their support throughout the campaign.
Question of Quantity of Trump Donors Once He Secures the Nomination
The question remains how swiftly Trump can re-engage these donors, including megadonors currently observing his progress, once he secures the Republican Party nomination after Super Tuesday.
Possible Explanations for Decline in Donor Numbers: Donor Fatigue
The decline in contributions currently experienced by the Trump campaign could reflect donor fatigue, suggesting that supporters might be growing weary of constant digital fundraising appeals.
Another Factor: Multiple GOP Primary Candidates to Choose Between
Another factor undoubtedly is the earlier competition for donations among Republican candidates, something Trump did not face as the incumbent president last time. This election season, Trump had to contend with the fundraising and candidacies of Tim Scott, Chris Christie, Vivek Ramaswamy, Nikki Haley, and Ron DeSantis, among others, in 2023.
Cost Of Living Has Cut into Disposable Income for Supporting Presidential Candidates
Finally, the rising cost of living might also be dissuading potential donors. This factor might also be playing into the hands of the Republican fundraisers, as Biden is largely seen as to blame for the tough economic times.
Wall Street Has Shifted Financial Support Toward Trump Rivals
Small-dollar donations have been pivotal for Trump’s campaigns, especially as more substantial financial support from Wall Street has shifted towards his rivals. Trump remains a favorite among blue-collar workers.
2024 Presidential Race Slated to be Most Expensive in History
Amid speculations that the 2024 presidential race could become the most expensive in history, surpassing the record-breaking fundraising of the 2020 election, Trump’s ability to finance his campaign is crucial as his legal troubles and the associated costs escalate.
Legal Expenditures Affecting Trump Campaign To Continue for Foreseeable Future
Last year, pro-Trump groups spent over $50 million on legal fees alone. It does not look like legal expenditures will slow down in 2024, as four of Trump’s criminal cases are approaching an inflection point over the remainder of 2024 and into 2025.
Trump Raises Funds for Legal Fines Selling Gold Shoes for $399
Following a New York judge’s order for Trump to pay over $350 million in fines for financial fraud, he sought to raise funds by selling limited edition gold-colored athletic shoes for $399 each.
Biden War Chest Record $130 Million
The Biden campaign, meanwhile, announced a record $130 million campaign war chest after raising $42 million in January alone. This substantial sum looks to overshadow Trump’s fundraising efforts by comparison.
Compared to Biden’s $130 Million, Trump Has $65 Million Cash
Pro-Trump entities reported $65 million in cash reserves at 2023’s end, while the national Democratic party significantly outpaced its Republican counterpart in fundraising, amassing over $70 million more last year.
Trump Mobilizes Fundraising Efforts
Despite facing legal challenges and financial penalties, Trump used his four criminal indictments last year as fundraising opportunities, with his best day of small-dollar donations occurring after he surrendered to authorities in Atlanta on charges related to the 2020 election.
Trump Capitalized on Legal Woes, Cashing in on Memorabilia Such as His Mugshot
Following his surrender, Trump’s campaign capitalized on the moment by selling merchandise featuring his mugshot, which led to a significant spike in contributions. The campaign’s official retail site offers a wide range of branded merchandise to support his endeavor.
GOP Competitor Nikki Haley had 166K donors in 2023
In comparison, Nikki Haley, one of Trump’s challengers in the Republican primary, and her supporting groups managed to attract only 166,000 donors throughout the entire year, far less than what Trump received in just the week following the release of his mugshot.
