Black Friday assets evolve from financial crisis to retail boom
Date
8/18/2024 5:51:46 AM
(MENAFN) Black Friday, known as “White Friday” in our region, is a significant retail event celebrated annually in the United States and across many countries in November. It marks the beginning of the holiday shopping season and is renowned for its extensive sales and promotions that draw huge crowds of shoppers both in physical stores and online. This day is the pinnacle of annual purchasing activity, with retailers dedicating months to strategize and prepare their inventory, marketing campaigns, and logistics to handle the surge in demand. As consumer habits shift more towards online shopping, e-commerce has become a major component of Black Friday, offering convenience and avoiding the congestion of physical stores.
The term “Black Friday” originally stems from a major financial crisis in the United States in 1869. On September 24 of that year, Wall Street was rocked by a dramatic scheme orchestrated by speculators Jay Gould and James Fisk. Their plan to monopolize the New York Stock Exchange's gold market by buying large amounts of gold and driving up prices for massive profits ended in disaster when the federal government intervened. This intervention led to a market crash, causing widespread financial ruin for many investors. Consequently, the term “Black Friday” became synonymous with economic calamity, symbolizing catastrophic financial events rather than retail success.
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