This article is to help you understand what actually is Black Friday. Not only that, but we will also give you some exclusive tips for 2023 that help you save money and avoid unnecessary waste of money.
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BLACK FRIDAY – HISTORY OF ITS EMERGENCE AND FACTS
There have been many stories and hypotheses regarding the emergence of the day called “Black Friday” in the context of it being a shopping festival.
One of those popular stories dates back to the 1950s in Philadelphia.
Following Thanksgiving, the coming Saturday was considered the matchday between the teams of army and navy colleges.
The football fans spent the previous day shopping heavily for the holiday season which resulted in big crowds and traffic.
This sudden increase in traffic and crowd often created a situation of chaos in the streets leading to traffic accidents and violence.
This resulting crowd and traffic on the streets was referred to as Black Friday by the local police
Another popular hypothesis is that, back in the old days of the history of trade and commerce in the United States.
Red denoted debt or losses, while black denoted profits.
It was observed that with the commencement of Black Friday it was observed that there was a spike in sales turnover and revenue.
The income of those businesses went skyrocketing and covered all the losses observed during the year.
As the income balance went positive or “black”, it also contributed to the positive connotation relating to Black Friday.
With the advancement of Christmas, it’s the beginning of the Christmas season and Christmas shopping in the US and is celebrated in the wake of Thanksgiving.
The Friday following Thanksgiving Thursday in the fourth week of November every year is called Black Friday.
Why Is Black Friday a Shopping Festival?
In order to attract maximum customers, shopping platforms, either they are online(amazon, Flipkart) or offline(Walmart, target) offer heavy discounts which also entices new customers.
It’s a very important event for retail businesses, and small vendors, too.
From a seller’s perspective, it’s a significant moment to communicate with the customers not just about their deals and offerings but also from a strategic perspective on the growth of their business.
The Craze and Hysteria of Black Friday Shopping
There has always been an infatuation in the general public relating to Black Friday shopping.
There always has been an overall steep rise in spending on Black Friday.
The year 2020 data showed an increase in spending by 22% YOY despite the spread of the corona pandemic.
Although there was a decrease in-store shopping, online shopping was on the rise.
Shopping for most of us is a joy but something which makes it even more enjoyable is the deals and discounts.
The biggest motivation for customers to this shopping at the start of the holiday season appears to be “Christmas”.
There is an estimated number of around 186.4 million consumers in the US who shopped during the five days holiday weekend between Thanksgiving day and Cyber Monday during the year 2020.
The spread of its popularity towards becoming a global commercial festival
Although this shopping event is linked with the United States of America, it began spreading across the world and is regarded as the shopping festival in Australia, Germany, and The United Kingdom.
With globalization forging ahead, online shopping companies like Amazon which delivers their services in the US have also started their services in other parts of the world and providing various attractive offers during the Black Friday sales, making the event more popular.
During online shopping, purchasing smartphones has become a global trend.
The highest spending happens in the countries such as the USA, UK, Canada, and UAE.
While there are countries that are exceptions to the popularity of Black Friday sales,
Countries such as North Korea, Venezuela, Iran, and Afghanistan.
Ideas For A Great Black Friday Shopping Experience
- Customers can get misled by fake discounts, it’s better to keep notice of regular prices vs the discount price and compare them with normal shopping day prices.
- Stay away from FOMO(fear of missing out), you all might have definitely seen a countdown ticker on some shopping site while you were shopping. That countdown ticker is strategically set to induce a FOMO effect in the mind of the consumer. But that doesn’t mean we have to stay away from a good deal that is cost-effective as well as price efficient.
- Be cautious to buy something unnecessary just because it’s at a discount. If we get swayed by the good prices for too many things we end up buying many things which are unnecessary and can hinder the budget for necessary things. Another aspect of it is that we end up buying many things which we will not use for the whole year.
- When you see a price difference in the same product you searched for again, it’s better to use incognito mode to beat the algorithm which makes you pay more.
And the greatest advice out of all the advice is that we must use logic before using emotions.
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