The history of Black Friday began in 1966. This is when a story appeared in an ad in The American Philatelist. The Philadelphia Police Department used the name to describe the traffic jams and crowding in the downtown stores.
Black Friday has been the unofficial beginning of the Christmas season since the 1930s. In fact, President Roosevelt moved Thanksgiving up a week during the Great Depression because retailers wanted an extra week of shopping revenue. This pleased retailers, but irritated shoppers, who had to change plans.
Black Friday is the day observed next to Thanksgiving Day in the United States. Black Friday begins the Christmas and shopping season. Christmas shopping season is of enormous importance to American retailers. On Black Friday stores like Walmart, Sears, Target, Toys R Us open very early and offer promotional deals for the shopping season, like Boxing Day sales. Black Friday is not a federal holiday. However, many employers shut for the Thanksgiving weekend and give their employees the day off, which increases the number of potential shoppers. It is one of the busiest shopping day of the year.
Term Black Friday originated in Philadelphia, it was used to describe the heavy pedestrian and vehicle traffic day after Thanksgiving Day. Use of the term began by 1975 outside Philadelphia. Later Black Friday indicates the period during which retailers turn profits.
Another Related Term Cyber Monday is associated with it. Cyber Monday refers to the Monday immediately following Black Friday.
Black Friday is the day after Thanksgiving. It officially kicks off the holiday shopping season, as 195 million shoppers hit stores during the Black Friday weekend. This is important for the economy because 19% of retail sales occurred from Black Friday through Christmas in 2010. For some retailers, such as jewelers, it can be as high as 40%.
For 2011, the National Retail Federation said that shoppers usually spend about half of their total holiday gift shopping on Black Friday. The NRF forecast that shoppers are more optimistic in 2011 than in 2010. Holiday sales will be up 2.3% to $447.1 billion. This is much lower than the 3.4% annual increase for the decade before the recession. Since much of this spending was fueled by credit card debt, it is unlikely we will see that kind of growth again for a long time.
For 2011, the National Retail Federation said that shoppers usually spend about half of their total holiday gift shopping on Black Friday. The NRF forecast that shoppers are more optimistic in 2011 than in 2010. Holiday sales will be up 2.3% to $447.1 billion. This is much lower than the 3.4% annual increase for the decade before the recession. Since much of this spending was fueled by credit card debt, it is unlikely we will see that kind of growth again for a long time.
The recession really hurt holiday sales. In 2008 sales declined 3.4%, the first year since the NRF began tracking retail industry sales in 1992. In 2009, retail sales only grew .4%, to $437.02 billion. In 2010, retail sales only grew 5.5%, to $537.02 billion
On average, each shopper is expected to spend $688. Over one fourth of those with a smartphone (26.8%) will use it to make holiday purchases. Of those 18-24, hat number jumps to 45%. Shoppers will head toward discount stores (65.1%),department stores (54.5%), grocery stores (46.7%), the Internet (43.9%) and clothing stores (33.6%). Similar to last year, nearly half of shoppers will buy clothing and books. However, more people will buy jewelry than last year - 23% vs. only 21% in 2009. The most popular gift? Plastic, as 57% of shoppers will give gift cards. (Source: National Retail Federation 2010 Survey)
Why Called Black Friday?
At the beginning of the tradition people were so eager for deals that they turned enormously at the shopping centers resulting in traffic accidents and other problems amongst the crowds. Other meaning originates later, from an accounting term to mean profit for the retailers. Where as being “in the red” indicates a loss, being “in the black” signifies profits. As the popularity of these sales peaks, retailers expect profitable day on the Friday after Thanksgiving Day, hence the name.
Black Friday is the name given to the shopping day after Thanksgiving. It was originally called Black Friday because so many people went out to shop that it caused traffic accidents and sometimes even violence. (Source: Wikipedia, Black Friday)
Black Friday 2011 is to be celebrated this on Nov 25, 2011.
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