A Brief History of Black Friday Fri, Nov 23, 2018
Why is it called Black Friday?
The unofficial start of the holiday shopping season is often referred to as the busiest shopping day of the year. But where did this tradition start and just how big is it?
The term "Black Friday" originated in Philadelphia. In the 1960's, police in Philadelphia griped about the congested streets, clogged with motorists and pedestrians, calling it “Black Friday.” In a non-retail sense, it also describes a financial crisis of 1869: a stock market catastrophe set off by gold spectators who tried and failed to corner the gold market, causing the market to collapse and stocks to plummet. “Black” refers to stores moving from the “red” to the “black,” back when accounting records were kept by hand, and red ink indicated a loss, and black a profit. Ever since the start of the modern Macy's Thanksgiving Day Parade in 1924, the Friday after Thanksgiving has been known as the unofficial start to a bustling holiday shopping season.
Why did Black Friday become so popular?
As retailers began to realize they could draw big crowds by discounting prices, Black Friday became the day to shop, even better than those last-minute Christmas sales. Some retailers put their items up for sale on the morning of Thanksgiving, or email online specials to consumers days or weeks before the actual event. The most shopped for items are electronics and popular toys, as these may be the most drastically discounted. However, prices are slashed on everything from home furnishings to apparel.