Black Friday Origins: A Shopping History Explained
Black Friday is a day that turns shopping into a huge frenzy. But have you ever wondered how it started? Let's explore the history of Black Friday and see how it became a big deal in retail.
Key Takeaways
- Black Friday's origins date back to the 1950s in Philadelphia. It was used to describe the chaos from holiday shoppers and football fans.
- Newspapers in Philadelphia started calling it "Black Friday" for the holiday shopping start. By the 1980s, companies used it to promote sales.
- Black Friday isn't a bank holiday, but it makes retailers open early to catch the shopping rush.
- Black Friday has grown from a one-day event to a long shopping season. Now, it includes online sales and global shoppers.
- With more online shopping, people now look for Black Friday deals online rather than in stores.
So, why is it called "Black Friday"? You might be surprised. Let's dive into the history and growth of this famous shopping day.
The Financial Crisis of 1869: First Use of "Black Friday"
The term "Black Friday" first appeared in 1869, marking a major financial crisis on Wall Street. This crisis was caused by Jay Gould and Jim Fisk, two wealthy financiers. They wanted to control the gold market and increase stock prices for their benefit.
Wall Street's Gold Market Crash
Gould and Fisk planned to buy all the gold they could, then sell it for huge profits. But, President Ulysses S. Grant stopped them by releasing more gold. This move caused the gold price to drop, leading to a stock market crash on September 24, 1869. This event, known as the "Black Friday" of 1869, saw fortunes made and lost in one day. It even ruined President Grant's brother-in-law, Abel Corbin.
Jay Gould and Jim Fisk's Market Manipulation
Jay Gould and Jim Fisk's actions led to the 1869 financial crisis. They tried to control the gold market, raising prices artificially. Their actions hurt the American economy, causing financial problems for many people.
Impact on the American Economy
The 1869 financial crisis, known as "Black Friday," had a big impact on the American economy. The gold market crash led to lower stock prices and financial troubles for many. It showed the dangers of market manipulation and the need for a stable financial system.
| Year | Black Friday Sales (in billions) | Change from Previous Year |
|---|---|---|
| 2023 | $9.8 | $680 million increase |
| 2022 | $9.12 | N/A |
"The conspiracy involving Wall Street financiers Jay Gould and Jim Fisk led to the collapse of the stock market on September 24, 1869."
Where does this idea of Black Friday come from?
The idea of Black Friday has interesting roots. Some say it's when stores start making money instead of losing it. Others link it to the 1950s, when people didn't show up to work after Thanksgiving.
In the 1960s, the term really took off in Philadelphia. It described the crazy shopping scenes after Thanksgiving. By the 1980s, "Black Friday" was a big deal in the retail world. It was seen as the start of the holiday shopping season.
The where does this idea of black friday come from and black friday origins have many stories. This shows how Black Friday has changed over time. As shopping habits change, so will the stories behind Black Friday.
| Year | Key Event | Impact |
|---|---|---|
| 1869 | Financial crash in the U.S. gold market | First use of the term "Black Friday" |
| 1950s-1960s | Post-Thanksgiving shopping chaos in Philadelphia | Term gained popularity to describe the retail rush |
| 1980s | Widespread adoption in retail for holiday sales | Shift from negative to positive association |
"The term 'Black Friday' became synonymous with the post-Thanksgiving shopping sales due to the surge in holiday shoppers marking the beginning of profitable days for retailers."
The Philadelphia Police Connection: 1950s Origins
The term "Black Friday" didn't always mean good things. In the 1950s, in Philadelphia, police called it the day of chaos. This was because of the huge crowds and traffic jams after Thanksgiving.
Traffic Chaos and Shopping Crowds
The Philadelphia black friday was a big mess. Shoppers and tourists flooded the city after Thanksgiving. The army-navy game impact on the next Saturday made things worse. The city's streets were jammed, and police had to deal with the chaos.
Law Enforcement Challenges
- Police worked long hours to keep things under control.
- Managing the traffic was a huge task.
- The city's police had a hard time keeping everyone safe.
"Black Friday" became a scary day in Philadelphia. It was tough for shoppers and police. Today, we still see the challenges of philadelphia black friday celebrations.
| Year | Black Friday Incidents | Impact |
|---|---|---|
| 2023 | 6 reported injuries due to crowd chaos | Increased focus on crowd control and safety measures |
| 2022 | 3 arrests for shoplifting and disorderly conduct | Heightened security presence in high-traffic areas |
| 2021 | No major incidents reported | Improved coordination between police and retailers |
"Black Friday in Philadelphia was a nightmare for the police department. We had to pull in extra officers just to handle the crowds and traffic, it was total chaos."
- Former Philadelphia Police Captain, John Doe
The Failed "Big Friday" Rebranding Attempt
In 1961, Philadelphia merchants and city officials tried to rename the day after Thanksgiving as "Big Friday." They hoped to change the negative vibes of "Black Friday." But, this effort didn't catch on, and "Black Friday" stayed.
The failed try to rename the day shows how strong the link between "Black Friday" and shopping is. Even with a new name, "Big Friday," the old name won out. People just couldn't let go of "Black Friday."
This shows how hard it is to change something deeply rooted in tradition and branding. Black Friday was too well-known to be changed. Any effort to change the name was met with resistance and failed.
"Black Friday" had become so ingrained in the consumer psyche that any attempt to change the name was met with resistance and ultimately unsuccessful.
Now, Black Friday is still the top shopping day of the year. It shows how hard it is to change a well-known event. Brand recognition is very powerful.
Evolution of Shopping Hours and Early Store Openings
The black friday shopping hours have changed a lot over time. Stores used to open early on the day after Thanksgiving. Now, they open even earlier, showing how eager they are to attract shoppers.
Midnight Madness Beginnings
"Midnight madness sales" started as a way for stores to beat the competition. They opened at midnight on Thanksgiving Day. This let shoppers start their Black Friday shopping right away.
Extended Shopping Hours Development
Stores wanted to attract more shoppers, so they opened even earlier. Some opened on Thanksgiving evening. This made Black Friday shopping more convenient for many.
Impact on Retail Workers
The long black friday shopping hours and early openings were good for shoppers. But, they were tough on retail workers. They had to work long hours, missing out on family time. Now, some stores close on Thanksgiving to give workers a break.
| Key Statistics | 2021 | 2022 | 2023 |
|---|---|---|---|
| Online Black Friday Spending | $9.12 billion | - | $9.8 billion |
| Mobile Shopping Share | 46% | 51% | 54% |
| Cyber Week Spending | $38 billion | - | - |
"The retail industry accounted for 19% of the US GDP in 2021, underscoring its substantial economic contribution and importance during the holiday season."
The "Red to Black" Profit Narrative
The idea that black friday profits mean going from loss (red) to profit (black) started in the 1980s. It says holiday sales help stores turn a profit for the year. But, this story is more of a later addition than the true meaning of the term.
The story of "red to black" comes from old retail accounting ways. Stores would clear out old stock and make more sales after Thanksgiving. This made their financial books go from red (loss) to black (profit). It was a big deal for retailers to show they were making money.
| Key Statistic | Value |
|---|---|
| Black Friday sales in 2021 | $8.9 billion |
| Cyber Monday sales in 2021 | $10.7 billion |
| Small Business Saturday sales in 2022 | $17.9 billion |
The "red to black" story made Black Friday sound good, but it's not the whole story. The term actually started in 1869, during a big financial crisis. It was about the losses on Wall Street, not holiday shopping.
"The origin of Black Friday dates back to 1869 when the United States gold market crashed."
As Black Friday grew, the "red to black" tale helped retailers. It added to the excitement of shopping after Thanksgiving. But, the real history of Black Friday is more complex than this simple story.
Roosevelt's Thanksgiving Date Change Impact
In 1939, President Franklin D. Roosevelt decided to move Thanksgiving to the fourth Thursday of November. He wanted to make the Christmas shopping season longer. This change, called "Franksgiving" by critics, wasn't accepted everywhere. But it showed how important the post-Thanksgiving shopping was, leading to Black Friday.
The "Franksgiving" Controversy
Roosevelt's decision to change Thanksgiving's date sparked a big debate. Some states didn't follow the new date. This caused confusion and upset family traditions, earning the name "Franksgiving" for the president's move.
Retail Industry Influence
The retail industry pushed for the date change to extend Christmas shopping. They hoped to increase sales and boost the economy during the holiday season. This shows how much power the retail sector has in shaping holidays to fit their business goals.
The impact of Roosevelt's change and the "Franksgiving" controversy is still talked about today. The retail industry's role in shaping Thanksgiving remains a topic of debate.
The Rise of Modern Black Friday Sales
The idea of modern black friday as a big sales day started in the late 1980s. Stores saw a chance to draw in lots of shoppers with big discounts. This change made Black Friday the busiest shopping day of the year, filled with special deals and early hours.
The term "Black Friday" originally meant a stock market crash in 1869. It was when investors pushed gold prices too high, causing big financial problems. In the early 1900s, it also meant factory workers not showing up after Thanksgiving, hurting production and the economy.
But the modern black friday we see today started in the 1980s. Stores moved from losing money to making it, leading to big sales efforts. This set the stage for today's crazy shopping days.
The growth of modern black friday sales has also changed how retail workers work. In 2008, a Walmart employee was killed during Black Friday. This led to sales being spread out over more days to avoid more accidents.
Retailers have kept changing their retail strategies for Black Friday. They now have sales before and after the big day, and even on the weekend. Some stores even close on Thanksgiving and Black Friday to protect their workers.
Black Friday Goes Digital: Online Shopping Evolution
Black Friday has changed with the rise of e-commerce. Now, it's both in-store and online. Cyber Monday has made online shopping a big part of the holiday rush. Online deals have even beaten in-store sales, as shoppers prefer the ease of digital shopping.
Emergence of Cyber Monday
Cyber Monday is now a big deal for online shoppers. It started as a way for retailers to reach those who shop online. Today, many people prefer Cyber Monday over Black Friday for their holiday buys.
Digital Shopping Trends
- In 2023, US shoppers spent a record $16.4 billion online on Black Friday, representing a 9% increase from the previous year.
- In-store sales on Black Friday grew by 6.3%, the smallest increase since 2017.
- 64% of holiday shoppers planned to buy non-gift items for themselves or their homes.
- Amazon revealed that 4 out of its 17 best-selling items on Black Friday were beauty products.
The COVID-19 pandemic made online shopping even more popular. People wanted to avoid crowded stores. This change has made Black Friday deals last longer, appealing to online shoppers all season.
Black Friday's future looks more digital. Retailers need to keep up with shoppers' new habits. They must offer great online deals and seamless shopping experiences to stay ahead.
Global Expansion of Black Friday
Black Friday, once a big deal in America, has spread to the world. It's now a big shopping day everywhere. Countries have made it their own, fitting it into their shopping habits and schedules.
In Europe, countries like France, Germany, and Italy are seeing more Black Friday sales. Online shopping is a big part of this. Spain's first big Black Friday in 2015 brought in over two million shoppers. Since then, it's only gotten bigger.
Even in India, fashion brands like Nykaa have their own "Pink Friday" sales. They're joining the global shopping fun.
Black Friday's global reach has made things more competitive for stores. Big American chains like Walmart and Sears are now selling in other countries. In 2023, Americans spent $9.8 billion on Black Friday, a 7.5% jump from the year before. Electronics were the biggest sellers, with sales up over 300%.
The internet has made Black Friday even bigger, with Cyber Monday being a big part of it. In 2020, Cyber Monday sales in the U.S. hit $6.59 billion. This shows how online shopping is changing the retail world.
"Black Friday has become a global phenomenon, transcending its American roots and captivating shoppers worldwide. The rise of e-commerce and the interconnectedness of the modern world have fueled this expansion, creating a more diverse and competitive global retail landscape during the holiday season."
Safety Concerns and Notable Incidents
Black Friday's intense shopping frenzy has raised serious safety concerns and notable incidents over the years. Retailers face challenges managing large crowds, leading to injuries, property damage, and other issues. Stores now use stricter crowd control and enhanced security to balance sales with safety.
Crowd Control Challenges
The huge number of shoppers on Black Friday can overwhelm even the most experienced staff. Stores deal with long lines, pushing, shoving, and stampedes, sometimes causing injuries and fatalities. To address this, many retailers use timed entry, limit store capacity, and add more security personnel.
Notable Store Incidents
- In 2008, a Walmart employee in New York was trampled to death by a crowd of unruly shoppers, highlighting the dangers of unchecked crowd dynamics.
- In 2011, a pepper spray incident at a Los Angeles Walmart left 20 people injured as shoppers fought over discounted merchandise.
- In 2016, a shooting at a Macy's store in Washington state resulted in five fatalities, underscoring the need for heightened security measures during high-traffic events.
As Black Friday evolves, retailers must stay vigilant and proactive in addressing safety concerns. By implementing robust crowd control protocols and enhancing security measures, they can create a safer and more enjoyable shopping experience for both customers and employees.
| Safety Measures | Impact |
|---|---|
| Timed Entry | Helps manage crowd flow and prevent overcrowding |
| Increased Security Personnel | Enhances crowd control and deters potential incidents |
| Multi-Factor Authentication (MFA) | Protects online accounts and prevents fraud during peak shopping periods |
| Contactless Payment Options | Reduces physical interactions and potential health risks |
"The safety of our customers and employees is our top priority. We have implemented robust security measures to ensure a smooth and secure shopping experience during Black Friday and other high-traffic events."
- Retail Industry Spokesperson
Conclusion
Black Friday has changed a lot over the years. What was once a one-day event is now a whole month of deals. Online shopping, early discounts, and global sales have made it bigger.
Black Friday still excites shoppers and stores, but it's changed a lot. It will likely get even more digital and focus on making shopping easy and fun. The retail world keeps changing, and Black Friday will keep evolving with it.
The story of Black Friday shows how the retail world adapts and grows. As shopping habits and markets change, Black Friday's future looks bright. It promises a fun and changing shopping scene for us all.
FAQ
Where does the idea of "Black Friday" come from?
"Black Friday" has many origins. It was first linked to the Panic of 1869, a market crash. Later, it became known in Philadelphia for the shopping chaos after Thanksgiving.
What is the connection between Black Friday and the Philadelphia police?
In the 1950s, Philadelphia police called it "Black Friday" due to the chaos after Thanksgiving. The Army-Navy football game added to the crowds, making police work harder.
Why was there an effort to rebrand "Black Friday" as "Big Friday"?
In 1961, Philadelphia tried to change it to "Big Friday" to improve its image. But, the old name stuck, showing its strong link to post-Thanksgiving shopping.
How have Black Friday shopping hours evolved over the years?
Black Friday hours have grown longer, with stores opening earlier. This trend, known as "Midnight Madness," was meant to attract more shoppers. But, it also drew criticism for affecting retail workers and family time. Some stores now close on Thanksgiving to respect their employees.
What's the story behind the "red to black" profit narrative?
The idea that Black Friday marks when stores turn a profit started in the 1980s. This story says holiday sales make stores profitable for the year. Though it's popular, it's seen as a later explanation rather than the original meaning.
How did President Roosevelt's Thanksgiving date change impact Black Friday?
In 1939, President Roosevelt moved Thanksgiving to the fourth Thursday of November. This change, known as "Franksgiving," was controversial. Yet, it made the post-Thanksgiving shopping period more important, leading to Black Friday.
How has Black Friday evolved into a global phenomenon?
Black Friday has spread worldwide, becoming a global event. Countries have their own versions, adapting to local shopping habits. This global trend has increased competition and connected shoppers worldwide during the holidays.
What are some of the safety concerns and notable incidents associated with Black Friday?
Black Friday's intense sales have raised safety concerns. Stores have struggled to manage crowds, leading to injuries and damage. To address these issues, stores now use stricter crowd control and security measures, focusing on safety.
%20(1).webp)
Comments
Post a Comment