Black Friday is the busiest shopping day of the year. Best Black Friday has become a holiday shopping day. Find out how it all began.
Many believe that Black Friday was named after the retailer’s profit margins, which went to the black after being in the red for a year. True, historically retailers have recorded their profits and liabilities in red and black. This is a false account of Black Friday’s history.
Jay Gould, a Wall Street stockbroker, and Jim Fisk created Black Friday on September 24, 1869. They devised a plan to purchase as much gold as possible from the country and make large profits. This cruel plan led to bankruptcy for the rich as well as the collapse of stock markets.
Is there a story to this association with Thanksgiving Day, you ask? Canadians can be credited with this association with Thanksgiving Day. In 1905, Eaton’s Canada department store hosted the first Thanksgiving Day Parade. This parade inspired Macy’s Thanksgiving Parade.
The parade was established in honor of Macy’s Roaring 20s success. This parade was a great way to increase sales and morale. Most retailers agreed that holiday sales should not be delayed until then.
Local retailers are keen to draw shoppers that day. They were not happy with the use of “black”, which was used to denote negative events. Black Tuesday was the 1929 stock exchange crash. Black Monday, 1987, was another day when the stock market suffered a larger percentage loss than any other day in 1929.
The holiday was rebranded by retailers as “Big Friday” but failed to succeed. Later, businesses adopt the Black Friday brand. This was the time when books were first made black in retail stores.
Retailers tried to spread the shopping frenzy across multiple days after a few injuries, including deaths. After shoppers went wild for the best deals, retailers tried to spread the shopping frenzy over multiple days. Cyber Monday is now being promoted as Small Business Sunday. You can shop online for holiday shopping on Cyber Monday
This year’s holiday season started long before Thanksgiving because of continuous supply chain disruptions due to the Covid-19 pandemic. Toys and electronics may not arrive in time for the holidays due to delays in manufacturing or shipping.
Holiday shopping is often started before Thanksgiving. The White House’s supply-chain taskforce has been closely working with private companies to speed up the process.
1941 saw the passage of a law making Thanksgiving the fourth Friday of November. To extend their holiday and take advantage of the fact that shops will be open, people call in sick the day following Thanksgiving.
Many bosses decided to add Friday after Thanksgiving to their paid holidays to avoid HR headaches. This extra day was popular because it allowed people to purchase Christmas gifts earlier.
Shopping was synonymous with Thanksgiving. Black Friday is a result of the Philadelphia police department. The term Black Friday was first used by the Philadelphia police department in the 1950s to describe the chaos caused by suburban shoppers flooding into the city.
Shoplifters used the chaos to steal goods from overcrowded shops. To manage the situation, police officers had to work longer hours.
The red-to-black theory was developed in 1980 to change negative associations associated with black Friday’s past into something positive.
The former one-day event has been extended to four days in recent years. Cyber Monday, Small Business Saturday, Sunday, and Monday are great times to find holiday deals. Some people skip Thanksgiving to get the best holiday deals.
Over Thanksgiving weekend, an estimated 174,000,000 Americans shop online or in stores. They spend an average of $520 per person. UK retailers predict that Brits spend approximately PS7 billion on Cyber Monday and Black Friday.
What’s the craziest part? Black Friday is not the busiest day to shop – that honor goes to Saturday before Christmas.