Black Friday is a time-honored tradition in American history. It is a shopping experience embedded in the Thanksgiving Holiday week. It is about having an enjoyable shopping experience, spending time with loved ones, and who has the best deals. Well, that is what we package it as.
Black Friday shopping traditionally takes place the day after Thanksgiving. On Black Friday in the past, consumers would stand in long lines, sleep in tents outside of stores, and brave the harsh weather elements while fighting to grab those items off the shelves. Black Friday is always a crowded event; in the past retailers had their employees work on that day. It gets perilous because so many people are shopping all at once. Over the years, small businesses have extended the one-day shopping experience into a four-day shopping frenzy.
Cyber Monday starts on the first Monday after Thanksgiving. It encourages consumers to shop online for newer deals and grab the latest tech at a discounted rate. In addition, online shopping coupled with delivery, drive, and pick-up service has further boosted Black Friday sales. It’s not all bad though, for consumers, they are given the hottest deals of the year. For example, a 55-inch television that is normally around $600, you might be able to get one for $350 instead.
Companies are doing what needs to be done to earn the consumer’s dollar, which is a top priority.
The company’s main priority is to take the sales out of red and into black. If a company has sales in the red, it isn’t doing so well. When sales are good and they are making a profit, they are in the black. Since most people start the holiday shopping the day after Thanksgiving, that is when sales begin to skyrocket, therefore taking them into the black, hence the term “Black Friday.”
This year consumers have spent a whopping $10.8 billion on Black Friday alone, according to Adobe Analytics. This was spent on products like large-screen televisions, video game systems, discounted holiday decor, and toys. The increase in the competitiveness of retailers with their well-stocked shelves, multiple deeply discounted offers, and price guarantees also contributed.
Online retail has become the new thing in the shopping game. Consumers can buy almost anything they want or need with just a click of a button. Items such as groceries, electronics, bikes, and household items can be delivered to a consumer’s home as soon as the same day. The expansion of online retail deals now includes some non-traditional items such as flights, vacations, and even furniture. Some retailers even offer membership programs that include free shipping on items.
Even how consumers pay for these deals has changed over time as well. Layaway is a concept introduced by retailers during the Great Depression, to help individuals experiencing financial hardships. Layaway is when consumers select items for purchase, they would make a small deposit and set up payments for the remaining balance and the items couldn’t be obtained until all payments were met, and have been replaced. Retailers have now offered buy-and-take-home later options such as Affirm and Apple AfterPay. Those options often come with a higher interest rate but allow the consumers to pay for items over a designated amount of time.
Retailers like Amazon, Walmart, and even Target have Black Friday deals that consumers can buy throughout the week. Those deals make up about 53.8% of the revenue made from mobile shopping. Given the rise in inflation, consumers are still expected to spend more on the holiday season. According to Adobe Analytics, Online retail spending is expected to hit new highs this holiday season. Adobe forecasts consumers will spend a record $241 billion online during the 2024 holidays, up 8.4% from 2023.
Black Friday is a popular event celebrated every year in the United States. Other countries around the world celebrate some version of this beloved “holiday.” For instance, in some African countries, “White Friday” is celebrated. In some Asian countries, shopping and religious celebrations are aligned, called “Blessing Friday.” In France, the concept of Black Friday is so popular that it is celebrated twice a year. Black Friday is currently celebrated in most European and South American Countries.
The holiday season is a time for giving and cherishing special moments with loved ones. But the bottom line is that most people love to shop. People will always want the latest and greatest. Retailers know this and are willing to give consumers a reason to spend.
