Since Kamala Harris became the Democratic frontrunner, her campaign has seen an extraordinary surge in donations. Following President Joe Biden’s decision to withdraw from the race just over a month ago, Harris’s campaign reported raising approximately $540 million. This represents the largest amount ever raised by a political campaign in such a short period.
Small Donors Propel Harris
A significant portion of Harris’s fundraising success comes from small donors. Of the $497 million her campaign had received by August 20, about 42 percent came from 631,000 small donors, defined as those who contribute less than $200. This marks a stark contrast to the traditional reliance on large donors and super PACs that dominate American politics.
Comparing to Past Campaigns
While Harris’s reliance on small donors is notable, she still lags behind one historical figure. During his 2008 campaign, Barack Obama received about 44 percent of his funding from small donors. However, Harris’s current figures surpass those of her Republican opponent, Donald Trump, who has secured 32 percent of his campaign funding from small donors.
The Rise of Small Donations
The trend of small donations gained momentum with Howard Dean’s 2004 campaign but truly took off with Barack Obama in 2007. Since then, candidates pitching themselves as outsiders, like Bernie Sanders, have depended heavily on small donations. For example, Sanders raised $10 million from 350,000 first-time donors in just one week during his 2020 campaign.
Trump’s Small Donor Support
Though he trails Harris, Trump has enjoyed strong support from small donors. Following his indictment on 34 felony charges in May, his campaign raised $52.8 million within 24 hours, demonstrating the powerful influence of small-dollar donations.
The Digital Era and Small Donors
Digital platforms have revolutionized campaign fundraising, making it easier for candidates to connect with a broad audience. This has led to a significant shift toward small-dollar donations. While the influence of small donors compared to large donors remains a topic of debate, Harris’s campaign shows the potential of grassroots financial support.
As the 2024 election approaches, Harris’s success with small donors may shape the future of political fundraising, challenging the traditional dominance of big-money contributions.
