Black Friday: A Brief History
Black Friday is one of the busiest shopping days of the year, and it's important for sellers to know its history. Black Friday gets its name from the fact that it was traditionally the day when retailers went "into the black," or became profitable for the year. It's a crucial day for many businesses, and has evolved over time to become even more important. Keep reading to learn more about Black Friday and its place in retailer culture.
Where does the name Black Friday Come From?
Black Friday has become an integral part of the holiday shopping season, when many retailers offer massive discounts to shoppers worldwide. But where does this important day come from? The term ‘Black Friday’ was first used in 1869 to describe the financial crisis that took place after the US gold market crashed. Since then it has come to signify a time of year when retailers traditionally experience a surge in profits, with their revenues going ‘into the black’ after a whole year of losses. This is why Black Friday is so important for sellers and why stores now offer huge discounts and sales – they are hoping to make as much profit as possible! Throughout its history, Black Friday has continued to evolve, spreading beyond its initial geographical location and becoming a global phenomenon. Nowadays, people across all corners of the world take advantage of the discounted prices that Black Friday brings.
When was the first Black Friday
The day after Thanksgiving is a widely recognized event in the United States that marks the official beginning of sales season throughout the country. What most people refer to as 'Black Friday', when stores offer amazing discounts, had actually been around since at least 1952, making it one of the first sales days of its kind. The name 'Black Friday' has been debated over the years, some saying it refers to retailers who stay in business during sales due to their "black ink" sales records which previously were recorded with red ink. Others theorize that store traffic and road congestion at the time were referred to as “black”, due to its unfavourable conditions. Regardless of where it got its name, Black Friday has become synonymous with discounts and sales for many shoppers, making it an important way for sellers to kick off their holiday sales properly.
How has Black Friday Evolved?
Over time, Black Friday has grown to become one of the biggest shopping days of the year. From the 1950s to describe the chaos caused by hordes of shoppers and cars clogging Philadelphia's streets after the Thanksgiving Day Parade. Fast-forward to today, and Black Friday has become increasingly important for online sellers over recent years as more and more shoppers do their holiday shopping over the internet. Shopping websites, retailers, and marketplaces alike all take advantage of this opportunity as it offers them an ideal outlet for discounts, deals and promotions. It is safe to say that over its multi-generational journey, Black Friday has evolved drastically in terms of significance, both economically and culturally.
Deals and discounts galore
As Black Friday has grown in popularity, deals and promotions have also shifted towards the start of the holiday shopping season. Many stores now offer deals earlier in an effort to draw shoppers into their stores on Black Friday. Some deals are even more lucrative than those found on other days throughout the year--known as "door busters"--and some stores attempt to entice customers with deals that extend through Black Friday and beyond. By offering deals and promotions early, stores hope to give shoppers the motivation to brave overcrowded aisles on Black Friday in search of optimal savings.
From a day to a week?
The week of Black Friday has become a major event week in the United States. With advanced technologies and more people shopping online, some stores have even begun extending their physical hours by opening overnight on Thursday night/Friday morning so customers can purchase items at an even better rate. Online sales, on the other hand, never go to bed so shoppers can get competitive prices virtually around the clock. Comparisons across prices and retailers is easier than ever before due to digital tools, and savvy shoppers can save substantial amounts of money throughout the week. It's clear that Black Friday has evolved immensely over the years and retailers are continuously using it as a platform to capitalize on increasing foot traffic and boost sales as individuals gear up for the holiday season.
In recent years, Black Friday has become increasingly important for sellers as more shoppers have begun doing their holiday shopping online. As a result, many stores have started offering deals and discounts earlier and earlier in an attempt to get shoppers into their stores on Black Friday itself. Some stores have even begun staying open overnight on Thursday night/Friday morning in order to give shoppers even more time to take advantage of sales. How does your business utilize Black Friday? Are you able to capitalize on the increase in foot traffic? Or do you find that most of your customers do their shopping online? Regardless of how you participate in Black Friday, it's sure to be an eventful day for both businesses and shoppers alike!