Black Friday: Origins of the biggest shopping day
How Black Friday came to be (photo: Getty Images)
Black Friday – arguably the most anticipated shopping date of the year. On this day, shoppers can easily find many sales and discounted products.
What is Black Friday
Black Friday is an annual event that falls on the Friday after Thanksgiving Day in the United States. Thanksgiving is celebrated on the fourth Thursday of November, so Black Friday occurs between November 23 and November 29.
Although Black Friday is not an official holiday, many people take the day off to shop. Stores often open earlier, and sales can last about a week following Black Friday.
History
The tradition of post-Thanksgiving Friday sales dates back to the 19th century. This was driven by increased consumer activity as Christmas and New Year approached.
Retailers sought to boost profits by offering significant holiday discounts. However, the discounts were not limited to supermarkets; businesses and even service companies participated.
What is Black Friday (Photo: Getty Images)
Why Black Friday is called so
There are several theories about the origin of the name Black Friday.
Profit for retailers
One of the most popular explanations relates to businesses' profits after Thanksgiving, transitioning from being "in the red" to "in the black" – from losses to profits.
The color reference is believed to come from the practice of recording financial transactions using ink. Specifically, bankruptcy and economic losses were written in red ink, while profits were noted in black ink. However, this is not the only theory about the name's origin.
Mass traffic congestion
A more accurate explanation dates back to the early 1960s when Philadelphia police began using the term Black Friday to describe the chaos caused by the massive crowds.
These crowds of suburban tourists came to the city to start their holiday shopping and, in some years, to attend the annual Saturday football game between the Navy Midshipmen and the Army Black Knights.
The huge crowd caused headaches for the police, who worked longer hours to deal with traffic jams, accidents, shoplifting, and other problems.
Incidentally, the first use of the phrase Black Friday appeared in an American management journal. It was used in the context of hospital workers who, instead of working, took the day off to shop for discounted items.
Black Friday in Philadelphia
Historically, Black Friday also has a different connotation that is unrelated to shopping. In 1869, financiers Jay Gould and James Fisk attempted to corner the national gold market on the New York Gold Exchange by buying up as much of the precious metal as possible, intending to drive prices up dramatically.
What is Black Friday (Photo: Getty Images)
On Friday, September 24, President Ulysses S. Grant intervened, ruining their plan. The stock market instantly crashed, leading to the bankruptcy of thousands of Americans.
Sources: Wikipedia, Encyclopedia Britannica.
