If you’re perpetually online, you already know what day it is—it’s Black Friday. Open any shopping website, and you’ll see the same words screaming out in different colors: sale, sale, and more sales.
Black Friday is marked every year on the fourth Friday of November, the day after Thanksgiving. Traditionally, it has been a day of frantic shoppers, crowded stores, millions of online orders, and the satisfaction of snagging a good deal. But how did this day come about? How did it become so popular? Most importantly, is it still the unmatched deal it once was?
The Origins of Black Friday
It was coined in 1869, not for holiday shopping but for financial chaos. That year, two Wall Street speculators caused a gold market crash, leading to a U.S. economic slump. The day was dubbed Black Friday.
Its association with shopping came much later, in the 1950s. In the U.S., the day after Thanksgiving became infamous for crowds of shoppers, endless lines, traffic jams, and even shoplifting. For local police, it was a nightmare, and they nicknamed the day “Black Friday.”
Retailers, however, wanted to rebrand the day as “Big Friday,” but the original term stuck. By the 1980s, businesses saw an opportunity to transform Black Friday’s chaotic image into a profitable one. They spun a new story: Black Friday was the day businesses moved from the red (losses) to the black (profits). This narrative, though untrue, resonated with consumers, kickstarting a mighty retail phenomenon.
The Evolution of Black Friday
For years, people camped outside stores and elbowed their way through crowded aisles, all for deals like a washing machine at 50% off. As shopping moved online, so did Black Friday deals. Sales came to our screens, and customers hit “checkout” faster than ever.
But as enticing as it sounds, Black Friday deals may not be as good as they seem. Studies suggest that 98% of products are available at the same price or even cheaper at other times of the year. 30% of Black Friday deals are artificially inflated. Prices are often marked up beforehand to make discounts appear bigger.
Tech accessories, for instance, see significant markups. Headphone prices increased by 21% before Black Friday, watches by 15%, and laptops by 16%.
Is Black Friday Still Worth the Hype?
The rise of technology has changed shopping habits. What used to be an occasional activity has turned into a regular occurrence, with people shopping monthly or even weekly. Fast fashion and constant sales have fueled this trend, and retailers are happy to oblige.
Black Friday, once a one-day event, has now stretched into a month-long phenomenon. Retailers extend their sales to avoid chaos, diluting the exclusivity of the day. Moreover, sales throughout the year for various festivals and events have made Black Friday just another sale.
Critics argue that this constant cycle of sales promotes overconsumption and waste. As a response, movements like “Buy Nothing Day” have emerged, encouraging people to reject consumerism altogether.
Ultimately, whether you embrace the deals or reject the hype, you can always go old-school and treat it as just another Friday. After all, in a world of endless deals and instant gratification, resisting the urge to buy might just be the best deal of all.