The history of BLACK FRIDAY

2016-11-23 06:01
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FOR millions of Americans Black Friday is the time to do some serious Christmas shopping - even before the last of the Thanksgiving leftovers are gone.

Black Friday is the Friday after Thanksgiving, and it’s one of the major shopping days of the year in the United States - falling anywhere between 23 and 29 November.

While it’s not recognised as an official U.S. holiday, many employees have the day off - except those working in retail.

The term “Black Friday” was coined in the 1960s to mark the start of the Christmas shopping season.

“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.

In the 1960s, 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.

Why did it become so popular?

As retailers began to realise 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.

Black Friday is a long day, with many retailers opening at 5am or even earlier to hordes of people waiting anxiously outside the windows.

There are numerous door-buster deals and loss leaders – prices so low the store may not make a profit - to entice shoppers.

Most large retailers post their Black Friday advert scans, coupons and offers online beforehand to give consumers time to find out about sales and plan their purchases. Other companies take a different approach, waiting until the last possible moment to release their Black Friday ads, hoping to create a buzz and keep customers eagerly checking back for an announcement.

More and more, consumers are choosing to shop online, not wanting to wait outside in the early morning chill with a crush of other shoppers or battle over the last most-wanted item.

Often, many people show up for a small number of limited-time “door-buster” deals, such as large flat-screen televisions or laptops for a few hundred dollars. Since these coveted items sell out quickly, quite a few shoppers leave the store empty handed.

The benefit of online shopping is that you will know right away if the MP3 player you want is out of stock, and can easily find another one without having to travel from store to store.

So, there you have it - the Black Friday history behind the best shopping day of the year.

- www.blackfriday.com

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