Black Friday 2024: What is it, when is it
Black Friday 2024 will fall on November 29, unofficially kicking off the holiday shopping season. The event, famous for its huge discounts and exclusive deals, draws millions of shoppers worldwide. The phrase "Black Friday" was first coined in Philadelphia in the 1960s to describe post-Thanksgiving mayhem and heavy traffic. However, by the 1980s retailers had redefined it as a mark of profitability with increased sales after Thanksgiving.
Black Friday's evolution into a global shopping event
The day after Thanksgiving quickly turned into an unofficial holiday for several workers in the US, giving them time to shop. Major retailers such as Macy's and Walmart capitalized on this by offering early morning openings and doorbuster deals. By the 1990s, Black Friday had cemented itself as the biggest shopping day of the year. In the last two decades, it has gone global with countries such as the UK, Canada, and even India customizing deals for their markets.
Black Friday sales extend beyond a single day
Over the last few years, Black Friday has transitioned from a single-day event to a multi-day affair or even the whole month of November. The Monday that comes after Black Friday is known as Cyber Monday—dedicated to online deals for digital shoppers. For shoppers, it's an opportunity to buy big-ticket items such as electronics at heavily discounted prices. For retailers, it's an important time that often makes up a large chunk of their annual revenue.
Black Friday sales stimulate early holiday spending
Black Friday sales are more than just a day of discounts for retailers. They push customers to spend early on holidays with huge discounts, thus driving early holiday spending. The sales also clear out older/overstock, create competition among different stores, and maximize media coverage—giving a boost to brand visibility. The cultural impact of the event is huge, with visuals of long lines and frenzied crowds becoming synonymous with the day.
Black Friday transcends borders, becomes international event
Though rooted in US tradition associated with Thanksgiving, Black Friday has crossed borders and become an international affair. Retailers across the globe have embraced the practice while capitalizing on its global appeal. Eager customers frequently show up hours in advance or camp overnight to be first in line for time-limited deals. Consequently, Black Friday continues to be a hallmark of the magnetism of deals and the undying appeal of holiday shopping.
