The history of the name: Most people believe it helps retailers get more sales and profits, hence, obtain “in the black” numbers rather than red (losses) on their financial statements.
The original name, however, has a black or dark history behind it.
The first recorded use of the term “Black Friday” was due to a US gold market crash in 1869 after 2 men conspired to drive up gold prices. When the conspiracy failed it sent the stock market into a free-fall and bankrupted many.
The second time was in the 1950s when the city of Philadelphia had chaos on the day after Thanksgiving. Many shoppers and tourists had entered the city in advance of the big annual Army-Navy football game held on that Saturday. The police force could not control the crowds or the shoplifters.
A third dark fact about this day is that in the last 12 years 11 have died and 108 have been injured.
Retailers love this day.
And do not forget the role of retailers between those 2 historical events in their pursuit of increased sales. In 1939, the Retail Dry Goods Association warned Franklin Roosevelt that if the holiday season did not begin until after Americans celebrated Thanksgiving on the traditional final Thursday in November, retail sales would fall. For a simple solution, Roosevelt simply announced in late October that Thanksgiving would be moved up by a week. So instead of the traditional November 30th, he declared that the next-to-last Thursday in November be the new Thanksgiving to add an extra week to the shopping season.
What happened was a disaster as many people already had travel plans and no one could agree (even states) on which date to celebrate. Many took both days as holidays and dubbed them “Franksgiving.” Fortunately, Congress stepped in and passed a law in 1941 that officially made Thanksgiving the fourth Thursday in November.
Does it have the most sales revenue in one day? The answer is changing and not necessarily true. Yes, the number of customers in stores is amongst the highest during the year, but the Saturday before Christmas usually has the highest sales expenditures.
This year’s pandemic will probably result in massive online sales as opposed to in-store purchases. Before this year “Cyber Monday” had certain online promotions for just one day, but now most promotions are available for a longer time.
Consumers love this day.
Bargains: Yes, there are real bargains to be found if you are willing to be aggressive for the big-ticket items which are limited in supply. Average savings on Black Friday specials is 37%. (source: The Balance) Some new products are released on this day while some products have already been marked up to be marked down for this day.
Many people have incorporated this purchasing day into their holiday plans. Just one day after giving thanks they are planning their waits and mad dashes into stores to save money.
Anti Black Friday? Yes, there are groups that actively promote a “Buy Nothing Day” on this same day to protest consumerism. Several major brands have even closed on this day to make different solidarity statements for the environment, spending time together, better consumer habits, etc.
How will you choose to spend your day after Thanksgiving 2020?