(MENAFN- Live Mint) Black Friday 2024: Black Friday is a global shopping phenomenon known for massive discounts and bustling sales. It traditionally marks the start of the holiday shopping season, falling on the Friday after Thanksgiving. This year, it lands on November 29, 2024. Retailers across the world offer deep discounts, drawing millions of eager shoppers.
Why is it Called Black Friday?
The term 'Black Friday' dates back to the 1960s in Philadelphia. Police coined it to describe the chaos and heavy traffic that followed Thanksgiving, as crowds flocked to the city for holiday shopping and the annual Army-Navy football game. The name initially carried a negative connotation.
By the 1980s, retailers reframed the term, linking it to profitability. Businesses, often in the red (losses) for much of the year, would turn a profit or go 'into the black,' thanks to the surge in post-Thanksgiving sales.
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The day after Thanksgiving became an unofficial holiday for many workers, giving them time to shop. Major retailers, including Macy's and Walmart in the US, seized the opportunity, introducing early morning openings and doorbuster deals. By the 1990s, Black Friday had firmly established itself as the biggest shopping day of the year.
A Global Shopping Extravaganza
In the past two decades, Black Friday has expanded worldwide. Retailers in countries like the UK, Canada, and India now tailor deals to local markets. Online shopping platforms have also embraced the trend, making it now a truly global event.
Modern Black Friday Trends
Today, Black Friday isn't limited to a single day. Many retailers extend their sales over several days or even the entire month of November. Cyber Monday , the Monday following Black Friday, focuses on online deals, catering to digital shoppers.
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For consumers, Black Friday is an opportunity to buy big-ticket items like electronics and appliances at heavily discounted prices. For retailers, it's a vital period, often accounting for a significant portion of their annual revenue.
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The event's cultural impact is undeniable, with images of long lines, midnight store openings, and frenzied crowds becoming synonymous with the day. Despite evolving shopping habits, Black Friday remains a testament to the power of deals and the enduring appeal of holiday shopping.
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