NEW YORK – The holiday season is upon us, and with it comes the highly anticipated shopping event of Black Friday. This year, Black Friday falls on November 29th, and millions of Americans are expected to participate in the retail rush both in stores and online.
Black Friday has a long history, with its origins dating back to the 19th century. The term itself was first used to describe the gold market crash of 1869, but it later became associated with the post-Thanksgiving shopping frenzy in Philadelphia in the mid-20th century. Over the years, Black Friday has evolved into a national event, with retailers offering massive discounts and promotions to attract customers.
However, in recent years, Black Friday has undergone significant changes due to the rise of online shopping and the impact of the COVID-19 pandemic. The traditional image of midnight crowds and doorbuster deals has been replaced by the convenience of online shopping and the safety precautions of social distancing.
Despite these changes, Black Friday remains a highly anticipated event for both retailers and consumers. According to industry forecasts, 183.4 million people are expected to shop in stores and online between Thanksgiving and Cyber Monday, with 131.7 million of them planning to shop specifically on Black Friday.
One of the reasons for the continued popularity of Black Friday is the early and aggressive advertising from retailers. In the weeks leading up to the event, customers are bombarded with ads and early offers, enticing them to make purchases. This, coupled with the excitement and anticipation of scoring great deals, motivates many to participate in Black Friday shopping.
However, Black Friday is no longer just a one-day event. With the rise of other shopping events such as Cyber Monday, retailers have extended their promotions to create a “Black Friday month.” This allows for more flexibility in shopping and gives retailers more time to manage shipping logistics, especially with the added strain of the pandemic.
Despite the shift towards online shopping, many Americans still enjoy the experience of in-store shopping on Black Friday. The social aspect of shopping with friends and family, as well as the thrill of finding the best deals, is something that cannot be replicated online. This is why, even with the convenience of online shopping, Black Friday is still an important day for retailers.
The impact of Black Friday extends beyond just one day. The event kickstarts the holiday shopping season, which is crucial for retailers as it can make or break their annual sales. In recent years, the rise of e-commerce has significantly changed the landscape of holiday spending. In 2003, e-commerce accounted for only 1.7% of total retail sales in the fourth quarter, but in 2020, it made up 17.1% of all nonadjusted retail sales. This shift towards online shopping is expected to continue, with e-commerce projected to make up an even larger portion of holiday spending in the future.
Aside from the economic impact, Black Friday also holds a special place in the hearts of many Americans. It has become a tradition for families and friends to come together and participate in the excitement of the event. This is evident in the record-breaking sales numbers seen in recent years. In 2023, consumers spent a record-breaking $12.4 billion on Cyber Monday and $9.8 billion on Black Friday, according to Adobe Analytics.
In conclusion, while Black Friday may have changed in many ways over the years, it still holds a significant place in the hearts of Americans. Its early start, coupled with the rise of other shopping events, has transformed it into a month-long event. However, the excitement and thrill of finding the best deals, as well as the social aspect of shopping with loved ones, will ensure that Black Friday remains an important day for retailers and consumers alike. So, whether you choose to shop in stores or online, make sure to take advantage of the amazing deals and enjoy the holiday shopping season!
