Black Friday 2023: Check out some lesser-known facts about Black Friday sale
Black Friday 2023: Black Friday, renowned as the launch of the Christmas shopping spree in the United States, is characterised by hefty discounts and promotions in various stores, marking one of the busiest shopping days annually. Traditionally following Thanksgiving, this year, Black Friday falls today (November 24), initiating a rush for holiday deals and bargains.
Originally, the term 'Black Friday' denoted the shift of retailers from operating at a loss (in the red) to making profits (in the black). Over time, it has evolved into a colossal shopping event with bustling crowds, extended store hours, and widespread promotions, both in physical stores and online.
Despite its prominence, Black Friday holds some lesser-known facts:
Origin of Black Friday
The term "Black Friday" first surfaced nationally in September 1869, unrelated to holiday shopping. It emerged in reference to financiers Jay Gould and Jim Fisk, who manipulated the nation's gold market, leading to a market crash.
Another tale traces it back to the 1960s in Philadelphia, where police officers coined the term to describe the chaos caused by suburban visitors flocking to the city for holiday shopping. Despite retailers' efforts to rename it "Big Friday," the term stuck, eventually adopting the red-to-black profit narrative in the late 1980s.
Black Friday Beyond the US
Contrary to popular belief, Black Friday isn't exclusive to the United States. Over 10 countries, including Canada, the UK, South Africa, Ireland, Germany, Italy, and others, partake in this annual shopping extravaganza, as reported by a digital analytics firm. The event has expanded globally, drawing in eager shoppers across various continents.
Evolution of Black Friday Sales
For over 60 years, Black Friday has dominated retail sales. In recent times, the event has expanded, stretching into early or extended sales. Retailers now complement Black Friday sales with Cyber Monday and Cyber Week, catering to online shoppers seeking holiday bargains.
The Black Friday phenomenon has become a cornerstone of holiday shopping, expanding its reach across borders and evolving into an extended period of deals and discounts both in physical stores and the digital realm.
- With inputs from agencies
