What is Black Friday?
When coming to historical terms, Black Friday meant something completely different. It was a time when the retailers in Philadelphia adopted the term to indicate the transition from being in losses to signifying profits due to the surge in sales on the day after Thanksgiving. Hence, over the years, people have celebrated this event with a much happier spirit, making it the first unofficial day of the shopping season.
Why is Black Friday called ‘Black Friday’?
‘Black Friday’ was originally coined in 1869 when the stock market dropped by 20% and all foreign trade halted. This was also the time when farmers all over America suffered major losses when the value of corn and wheat dropped immensely.
Over the years, its meaning changed a couple of times until the 1980s, when retailers started to use ‘Black Friday’ the way it was originally used. For instance, accountants used ‘red’ to signify loss and ‘black’ to signify gains. Since then, the term has stuck for a season-long shopping spree for the upcoming holiday season.
Does Black Friday always fall on the same date?
No, it doesn't always fall on the same date. But it is always celebrated on the following day, that is, after 'Thanksgiving.' This year, Thanksgiving 2023 falls on the 23rd of November, so Black Friday 2023 will be celebrated on the 24th of November.
Is Black Friday a bank holiday?
While it is not considered a national holiday or bank holiday, employees continue working on their normal work day, but many prefer to take a paid leave to celebrate the post-Thanksgiving dinner bliss. Many states in America also celebrate it as "Native American Heritage Day" or "American Indian Heritage Day" as a public holiday.
Black Friday or Cyber Monday, what's better?
Since the pandemic, we have seen a transformation we couldn't have imagined. Three years ago, these Fridays were all about the biggest shopping days, with a mad rush in stores and long hours at the checkout counter. Since COVID-19, the line between Black Fridays and Cyber Monday has been blurring. Many stores have started discounted rates a couple of days before because of COVID protocols.
Apart from this, many stores have begun offering discounts on online sales, giving black Friday an upper hand. If you buy a unique gift for someone, it's better to do it on Cyber Monday as they provide better discounts. When it comes to personal shopping, the better choice is Black Fridays.
Is the Black Friday Sale worth it?
If done right, these deals can be beneficial. If money is limited, shoppers should first evaluate their financial status and budget, avoiding needless purchases. When high-value things are planned and thoroughly examined for actual discounts, they might be beneficial purchases. Exercise caution to avoid making impulsive purchases and accumulating unnecessary goods.
Customers should also check return policies because some sales might have tight guidelines. Convenient substitutes for congested in-store shopping experiences include online buying. Furthermore, remember that discounts frequently last, so timing is flexible for individuals who miss the early rush.
Controversies about Black Friday
One of the biggest yearly shopping days is not without controversy. Opponents contend that it encourages excessive buying and materialism, which frequently results in the acquisition of pointless goods. Work-life balance is an issue when it comes to stores operating on Thanksgiving Day or when staff are expected to put in lengthy hours.
The event's safety dangers have come to light due to reported violent occurrences and safety issues in crowded establishments. Black Friday's massive increase in internet sales adds to environmental problems by increasing waste and freight. Small companies may need help to match the steep discounts offered by big retailers. The ethical and sociological ramifications of the occurrence are discussed in light of these debates.
Due to its history, the day has evolved from an accounting word to a retail spectacle, thus marking the beginning of the holiday shopping season. Even though it's not a recognized holiday, it attracts a lot of attention. Due to changing customer tastes, the line separating Cyber Monday from Black Friday has become less apparent.
Whether it is worth the hype depends on personal aspects such as comfort level with related controversy and finances. These concerns include overconsumption, worker safety, well-being, environmental effects, and difficulties small firms face. Despite the alluring discounts, it's critical for customers, merchants, and society as a whole to strike a balance between taking advantage of deals and engaging in sustainable and moral consumption.
