Black Friday: The good, the bad, and the bargains

Every year, as November comes around, you can feel the tension among shoppers, and that suspense is all thanks to Black Friday. It has become known for its massive discounts, crowded stores, and the unofficial start of the festive shopping season.

In this article, we will look at the history, evolution and impact of Black Friday on different countries.

How Black Friday started

The story began long before the era of online shopping. To fully understand where it came from and why it's called Black Friday, we have to go all the way back to the 1950s and 1960s.

The most common story, which many say is a myth behind the Black Friday tradition, links it directly to retailers. It is known that after a year of operating at a loss, they said, "We are in the red."

But the day after Thanksgiving, shoppers spent so much on discounted products that retailers earned massive profits, so they went into the "Black". This is because retail companies record losses in red and profits in black when doing their accounting.

The actual story of Black Friday is not as colourful as retailers want you to believe. In the 1950s, police in Philadelphia used the term to describe the chaos that occurred on the day after Thanksgiving. Shoppers and tourists flooded the city before Saturday's big Army-Navy football game.

As you might guess, shoplifters also took part and left with a lot of products, adding to the police’s workload on that day. In 1961, retailers tried to change the name to “Big Friday” but were unsuccessful. During the late 1980s, retailers found a way to reinvent Black Friday and turn it into something positive.

The result was the “red to black” concept of the holiday. Black Friday evolved from a term signifying chaos to one suggesting profitability, and this positive spin on the day quickly caught on.

Tip: Indeed, stores offer some irresistible deals, but sticking to smart money-saving tips will help you stay on budget and avoid getting swept up in the shopping frenzy.

The value of advertising

As with everything, advertising also played an important role in the transformation of Black Friday. Retailers set up advertising campaigns to promote their deals. Some of those deals were so popular that they became legendary. Shoppers usually look forward to flat-screen televisions that are a fraction of their standard cost and many more products at an unbeatable price.

Printed ads are handed out to potential shoppers, and famous television ads became popular on Black Friday. Newspapers and the radio are filled with shoppers rushing through aisles, eager to get the latest deals, ensuring their goal to excite you is met.

Online adventures

We all love online shopping, which is more convenient and can be done almost everywhere. With the rise of e-commerce, the Black Friday shopping experience changed. More people revert to online shopping and mobile apps, while others enjoy the thrill in the store's aisles.

If you are new to the online shopping adventure, here are some tips to remember when doing your shopping.

• Not every discount is real – Retailers will try to trick you during this time, making you believe you are buying a bargain. Start tracking the prices of the desired product about a month before the time.
• Black Friday is the online scammer's dream – Keep an eye out and ensure you visit legitimate websites and do not fall victim to phishing attempts.
• Not every deal happens on Black Friday – Retailers may start their sales days before Black Friday, including Cyber Monday.

Online shopping during Black Friday doesn't have to be overwhelming if you are prepared. By adhering to these tips, you can shop with confidence. You can also check in with your local retailers for their unique offerings. It is important to keep an eye on shipping and returns policies to ensure a hassle-free experience.

The phenomenon of Cyber Monday

We mentioned Cyber Monday, but do you know what it means and what deals you can keep an eye out for? The term Cyber Monday became famous back in 2005. It’s the online version of Black Friday, and it quickly became a crucial part of the holiday shopping season.

According to research, more than 77% of online retailers said their sales increased on the Monday after Thanksgiving. In 2017, sales grew to a record $6.59 billion, compared to 2015, when sales were $2.98 billion.

The first Cyber Monday during the COVID-19 pandemic was the biggest in U.S. history. A total of $10.7 billion was spent on 30 November 2020. But what impact did COVID-19 have on Black Friday?

COVID-19 and Black Friday

There has been a decrease in income compared to the years before COVID-19, even for the people who have kept their jobs. This has impacted the buying power and motivation of shoppers.

During lockdown, online shopping became the go-to and remains high, even after COVID-19. What changed during the pandemic was that deals were spread across the month instead of the traditional Black Friday. Deals were also divided by product type.

All eyes on Black Friday

It is not uncertain that the dramatic aspect of Black Friday is the crowds. Many stores offer deals for a few hours on this day, with some products in limited quantities. You will find shoppers pushing and shoving each other, fighting over items, and some arguments turn violent.

Let's look at some horror stories that occurred on Black Friday:

• A Victoria’s Secret store was wrecked in 2012 by customers throwing punches at each other. It was reported that people were thrown with boxes, and one was even punched in the stomach.
• In 2014, police were called when two female customers got into a fight over a Barbie doll.
• According to the Black Friday Death Count, there were five deaths in 2018. Four of them were shooting incidents inside a mall and in a parking lot, while the other was a fatal stabbing inside a store.

Despite the negativity, some see Black Friday as a test of endurance or extreme sport. Make sure that you are safe during your shopping spree.

Economical impact

The purchasing power of customers is essential for businesses to do a real-time assessment of the economic strength of households. The influence of Black Friday on the stock markets reflects the broader economic sentiment.

Black Friday sales translate into increased stock values for retailers and can positively affect the overall market. Thousands of seasonal workers are hired to work in stores, warehouses, and fulfilment centres. These temporary jobs are an essential source of income during the holidays and may result in permanent positions, curbing the unemployment rate.

The future of Black Friday

With the rise of online shopping and the increase of e-commerce sites like Amazon, traditional retailers face big competition. Gone are the days of long lines and fights over items, but Black Friday will continue as an annual event.

The expansion of Black Friday globally indicates a growing international interest, with experts predicting that the trend toward early shopping and extended sales may lead to the gradual fading of the Black Friday we know.

Next, we will look at some interesting facts surrounding Black Friday.

• The predecessor to Black Friday was the Santa Claus parades.
• Black Friday is one of the busiest days of the year for plumbers.
• Until 2001, Black Friday was never officially claimed to be the busiest shopping day of the year.
• Black Friday fever has spread to over 15 countries worldwide.
• Roughly 12% of Black Friday shoppers are under the influence of alcohol.

We can agree that Black Friday has come to symbolise much more than just a day of shopping. It merely reflects a consumer-driven society, a day where excitement, anxiety and even violence collide in a search for deals.

The evolution of Black Friday tells the story of a changing landscape of technology and innovation, commerce and culture.