The term “Black Friday” originated in Philadelphia in the early 1960s1. It was used by the police to describe the congested streets filled with motorists and pedestrians heading for post-Thanksgiving deals.
Date
Black Friday is the day after Thanksgiving, which falls anywhere between November 23 and 29. In 2023, Black Friday falls on November 24.
Significance
Black Friday marks the unofficial start of the holiday shopping season. It’s often the busiest shopping day of the year.
Sales
Retailers offer significant discounts on a wide range of items, attracting large crowds. Some even start their sales on Thanksgiving morning.
Economic Indicator
The sales made on Black Friday are often seen as a litmus test for the overall economic condition of the country.
Global Influence
While it started in the United States, Black Friday has been embraced by retailers all across the world, including India.
Online Shopping
With the advent of the internet, Black Friday has expanded to include online sales, often extending to the following Monday, known as Cyber Monday.
Retail Strategy
Retailers may spend an entire year planning their Black Friday sales. They use the day to offer rock-bottom prices on overstock inventory and seasonal items.
Consumer Behavior
Consumers often shop on Black Friday for the hottest trending items, which can lead to high demand and, in some cases, shortages.
Criticism
Despite its popularity, Black Friday has been criticized for encouraging excessive consumption.