Black Friday
Стефан Запрянов
Created on November 14, 2023
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Transcript
Black Friday
What is Black Friday?
History of Black Friday
History of Black Friday part 2
Black Friday over the years
1869
2023
Black Friday over the years part 2
Fun facts about Black Friday
Black Friday conspiracies
Black Friday Statistics
Video
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The term “Black Friday” originally had no connection to shopping. It described a financial panic in 1869 that resulted from investors Jay Gould and Jim Fisk who worked together to buy up as much as they could of the nation’s gold, hoping to drive the price sky-high and sell it for astonishing profits. On that Friday in September, the conspiracy finally unraveled, sending the stock market into free-fall and bankrupting everyone from Wall Street barons to farmers. Since its 19th century inception, the term “Black Friday” has generally been used to describe other bad events or negative situations, like workers not showing up to their jobs the day after Thanksgiving.The first time “Black Friday” specifically referred to shopping the day after Thanksgiving was in the 1950s. Police in Philadelphia complained about an influx of people coming to the city to shop the day after Thanksgiving, calling it a “Black Friday” because they had to control crowds. From there, the term was used to describe shopping on that day and gained momentum with each passing year.
The idea of positioning Black Friday as a shopping holiday “galloped forward” between the 1970s and 1980s with retailers instigating competition between one another, as well as expanding the deals they offered. Overall, “there was no defining moment that made us call Black Friday ‘Black Friday.It’s really the evolution of language and definition, retail practices and consumers responding to that.”
Nancy Koehn, Harvard Business School
Black Friday used to be a trigger for people to go to the store, with deals that last only 24 hours.Over the years it’s morphed into a general promotional season with retailers competing with one another to see who could open the earliest. Some like Walmart, Target, Best Buy and Kohl’s even started opening their doors on Thanksgiving to participate in the rat race to see who could get people to run to their stores first. This led to Black Friday becoming a five-day shopping weekend beginning on Thanksgiving and ending on Cyber Monday. Also, as the years progressed Black Friday moved more and more online.So now since so much of shopping during that period happens online, experts refer to it as the “cyber five.” But as these five days expanded into a week and then into multiple weeks, experts dubbed all of November “Black November.”
Originally, retailers were upset about the name “Black Friday” because the term had a negative connotation. Efforts arose to call it “Big Friday” instead, but they ultimately failed. Retailers then changed the narrative and decided that Black Friday is when they’re supposed to be “in the black,” a financial phrase describing the profitability and prosperity of a business, in contrast to being “in the red,” or in a deficit.Beyond shopping online, shopping early is altering Black Friday as we once knew it. Discounts leading up to the event give people a long stretch of time to spread out their spending, which may lead to less of a spike in sales on Black Friday itself.
1.Black Friday is the busiest day of the year for plumbers. As bizarre as this may sound, it was reported by CNN, who explained that the plumbers are needed to clean up after guests “overwhelm the system.” 4.One year, people began camping out at a California Best Buy since Nov. 12.5.Many products promoted at deep discounts on Black Friday are “derivative products,” items that look like and are named the same as the standard model, but are made with cheaper components and may not have the same features.
2.Holiday shoppers indirectly determined the date for Thanksgiving.
From the mid-19th to the early 20th Century, Thanksgiving was celebrated on the last Thursday in November.This changed in 1939 when the last Thursday was the last day of the month.Retailers were afraid that the holiday season would be shortened and, therefore, petitioned the president to declare the holiday be held one week earlier.After that, Thanksgiving was always celebrated on the fourth Thursday in November, which gave shoppers one extra week to shop before Christmas.
3.In 2011, Walmart broke the tradition of Black Friday.
The tradition of Black Friday shopping was broken when Walmart opened up its store on the evening of Thanksgiving. Since that time, retailers are engaged in a race against the clock to catch up with the times.
Black Friday is the shopping holiday that takes place every year the day after Thanksgiving. It falls on Friday, Nov. 24 this year. It traditionally marks the start of the Christmas shopping season in the United States. Many stores offer highly promoted sales at discounted prices and often open early, sometimes as early as midnight or even on Thanksgiving.
According to data science experts during Black Friday 2020, prices of select household appliances and electronics were on average over 3% higher compared to their minimum price in the preceding month.Analysis of more than 200 offers during Black Friday in 2021 found 98% were cheaper or the same price at other times in the year. Retailers are increasing the price, then putting fake discounts to lure people. Though it might sound like a conspiracy, this is actually proven and its a fact.
In recent years, another myth has surfaced that gives a particularly ugly twist to the tradition, claiming that back in the 1800s Southern plantation owners could buy enslaved workers at a discount on the day after Thanksgiving. Though this version of Black Friday’s roots has understandably led some to call for a boycott of the retail holiday, it has no basis in fact.