Definition
Black Friday occurs the day after Thanksgiving. Retailers offer huge discounts during this annual shopping holiday to help kick off the holiday season.
The Key Takeaways
- Black Friday, although not an official holiday, falls on the day after Thanksgiving. To kick-off the holiday shopping season, some people spend the day looking for discounts at retailers.
- This is a crucial day for retailers, as the holiday season can make up 20% to 30% of their annual sales.
- Other financial holidays have also appeared around this time: Small Business Saturday, Cyber Monday and Giving Tuesday.
What Is Black Friday?
Black Friday is a part of the holiday season. Many retailers need to make Black Friday a profitable day, especially for game and toys stores. According to the NRF, Black Friday accounted for 19% of all annual sales between 2017 and 2021.
Many shops open at the end of Thanksgiving Day or on Friday morning. To get the best deals, some shoppers line up to shop. Shopping continues through the weekend.
For example, in 2021, the average spend of shoppers from Thanksgiving to Cyber Monday (the Monday following Thanksgiving) was $301.27.
History
An entry in a journal dating back to the 19th century shows that Black Friday was first used for shopping, not accounting. As a way to refer to such disturbances, people began to use the term “Black Friday”. It wasn’t associated with shopping until early 20th-century.
The first use of “Black Friday” as a description of the day following Thanksgiving was recorded in a journal entry from the 19th century. The term “Black Friday” was used to describe the event. It wasn’t associated with shopping until early 20th-century.
In the 1960s, retailers first used it to encourage shoppers to shop after Thanksgiving. Because they can extend their sales beyond one day, some retailers now refer to the entire period between Cyber Monday and Thanksgiving as ” Black Friday Weekend”.
In recent years, however, it has come to be synonymous with long lines and crowded shops as well as violence. In 2013, a long-line Walmart worker was attacked by shoppers and killed. A Virginia woman pepper-sprayed fellow shoppers in 2012 to obtain an Xbox.
Black Friday: Examples
According to the National Retail Federation (NRF), 179.8 Million unique shoppers made online and in-store purchases over Thanksgiving weekend 2021. This is more than NRF’s initial estimates of 21 million.
According to the NRF, Black Friday spending is expected to rise again this year, despite inflation. The NRF predicts that holiday spending will increase by 6% to 8.8% this year. This is a sign that Thanksgiving Day could have an economic impact.
Why Is It called Black Friday?
Black Friday is a casual name for the day following Thanksgiving. Because it marks the start of the holiday season, it is often the busiest day for shopping. This day is important for the economy, particularly for certain retailers.
The origins of “Black Friday” can be traced back to the middle 20th century. The term “Black Friday” was first used by police in Philadelphia to describe heavy, disruptive traffic the day following Thanksgiving. 6
It was popularized and many businesses adopted it. Retail businesses that relied on holiday sales to make their money “in the green” (earning a profit) worked well.
Black Friday vs. Cyber Monday
The Monday following the weekend after Black Friday is known as “Cyber Monday,” when many people buy gifts online, and it has become a shopping event in itself. It’s typically the biggest online shopping day of the year, and in some years it has surpassed Black Friday in terms of total sales.
Frequently Asked Questions (Faqs).
What Is Black Friday?
Black Friday is always held the day after Thanksgiving. However, the exact date varies from year to year. Black Friday falls on November 25, 2022. Black Friday is a shopping holiday that falls on November 24th in 2023, November 29th in 2024, or November 28th in 2025.
Is Black Friday Considered To Be A Holiday?
Black Friday is not an official holiday. Although some companies offer Black Friday off, it is not an official holiday.
