Why is it called Black Friday?
Common myth: The term Black Friday, stems from retailers using the day’s huge receipts as their opportunity to “get in the black” and become profitable for the year.
Reality: the name “Black Friday” dates back to Philadelphia in the mid-1960s, and the day following Thanksgiving and the traditional Army-Navy football game that’s played in Philadelphia on the following Saturday. The crowds in the city were great for retailers, but a huge pain for police, cab drivers and anyone who had to drive in the city.
The Philadelphia Police Department started referring to the annual day of commercial bedlam as “Black Friday” to reflect how irritating it was.
SO WHERE DID THE WHOLE “GET IN THE BLACK” STORY ORIGINATE?
Storeowners didn’t love having their biggest shopping day saddled with such a negative moniker, so in the early 1980s someone began floating the accounting angle to put a more positive spin on the big day.
By The Numbers:
89 million shoppers braved the crowds on Black Friday 2012, up from 86 million in 2011
247 million shoppers over the weekend 2012, up from 226 million in 2011
10% of shoppers on Black Friday 2012 were out at stores by 8 p.m. on Thursday and an estimated 28% of weekend shoppers were at the stores by midnight, compared to 24.4% in 2011
Total Consumer Spending on Black Friday (2021): $886.7 Billion
Total Consumer Spending on Black Friday (2020): $777.35 Billion
During 2021’s holiday season, retail sales grew 14.1% over 2020.
Average Consumer Spending:
Average consumer spending on Black Friday (2021)
$430 per person
Average consumer spending on Black Friday (202)
$410 per person
Average consumer spending on Black Friday (2010)
$365.34 per person
How Do Companies Make Money Despite the Massive Deals They Offer?
Imagine a TV that is sold for $1000. Stores by that TV from the manufacturer for $500 and sell it for $1000.
Now, at the beginning of that product’s run, the store will sell an average of 10 of these TVs a day, for $10,000, and $5000 profit. But in today’s market, the lifespan on of a single piece of technology is remarkably low, and sales start to slow as new products are released.
On black Friday, they mark the TV down to $750 and sell 50 of them in a single day. Totaling at $37,500, making $12,500 in profit.
In the eyes of the store, they are getting rid of a product whose sales were diminishing, offering great deals to the public, and making a tidy profit while they do it.
Cyber Monday, much like Black Friday, is a marketing term used to describe the Monday directly following Black Friday, generally when the greatest online deals are available. The term made its debut on November 28, 2005 in a Shop.org press release entitled “‘Cyber Monday Quickly Becoming One of the Biggest Online Shopping Days of the Year”.
Set Your Calendar:
Black Friday 2022 is on Friday, November 25, 2022
Black Friday 2023 is on Friday, November 24, 2023
Black Friday 2024 is on Friday, November 29, 2024
Black Friday 2025 is on Friday, November 28, 2025
Black Friday 2026 is on Friday, November 27, 2026
Get up early and shop and check these links for what’s hot this year:
Melissa Stewart is the founder of SheOwnsIt.com. She is a Purveyor of Possibility, Entrepreneur Advocate and Coffee Addict. She believes that behind every successful woman is her story. What’s your story?