Despite the name, Black Friday is not a holiday in and of itself. Rather, it is the day after Thanksgiving, which traditionally marks the beginning of the Christmas shopping season. There are several different myths about Black Friday, including the idea that it is a “shopping holiday,” though some of these claims are simply false. This article will explore the origin of Black Friday and what its best selling deals are. Once you have the facts down, you can start shopping for Black Friday deals!
Origin
The origin of the term “Black Friday” is disputed. Some say that the phrase began as a remark by Philadelphia police during the holiday season. Others say it was a reference to the traffic congestion on the day after Thanksgiving. Whatever the truth, it seems to have stuck. Regardless of the origin of the term, there are many legends about it that are just as illogical. In this article, we will explore some of these stories.
The first time the term “Black Friday” was used was on September 24, 1869. The two financiers, Jim Fisk and Jay Gould, hoped to corner the gold market. They hoped to drive the price up and then sell it for unbelievable profits. When this failed, the gold market crashed and a financial panic ensued. The crisis, also known as the “Great Depression,” shook the stock market and broke many people’s dreams.
Significance
The importance of Black Friday can’t be understated. Whether you are a shopper or a retailer, Black Friday sales are a huge boost to business. Many retailers set aside money for this event, which attracts people to their stores with heavy sales. In return, these retailers hope that customers will fill their carts with items they don’t need. The first Black Friday sales took place about a decade ago, when the Canadian dollar was on par with the U.S. dollar. Retailers saw this as an opportunity to cut costs and increase profits by offering deep discounts on inventory or an attractive bonus on seasonal items.
The impact of Black Friday on the US economy will be felt for years to come. Thousands of speculators lost everything and even committed suicide. As a result, the international marketplace was put into a complete halt, and foreign trade was affected as well. The hardest hit may have been the farmers, whose harvests were reduced by half or more. The impact of Black Friday is still felt today. It is important to remember, however, that the day before Thanksgiving is not the last one.
Myths
Black Friday is not synonymous with underperforming products. Various studies have shown that about a third of the products on sale are top picks among specialists. These results indicate that Black Friday attracts a diverse set of customers, who are not necessarily looking for the best deals. The entire experience is not suitable for everyone, but for the vast majority of shoppers, this event provides a good mix of products. Here are five of the most common myths about Black Friday.
The term “Black Friday” was coined by the Philadelphia Police Department in the 1960s to describe the post-Thanksgiving rush of traffic and crowds. But while Black Friday is an important day for retail sales, it is not the busiest shopping day of the year. Despite its popularity, most stores are understaffed on this day, resulting in long lines. But the reality is far different. A major misconception is that stores open early on Black Friday.
Best-selling deals
There’s no denying that the biggest sales day of the year is just around the corner, and the New York Post readers were quick to take advantage of that fact by hitting the internet sales hard on Nov. 26. They prepared for months with deal advice, and were able to take advantage of the whole gamut of sales from tech to fashion and home. Some of the best deals on the internet are still running today and into Cyber Monday.
Amazon was one of the biggest winners of Black Friday, reporting that its sales increased by 50% from last year to $4 billion in the first five days. Some of the most popular deals included the Echo Dot, Fire TV Stick, and Echo Show 5. Other hot items included AirPods, Beats Studio Buds, and a Revlon one-step hair dryer. Despite the record-breaking sales, most of the best-selling items on Amazon were actually sold by independent sellers.
Shopping in-store vs. online
While a lot of people opted to shop in-store on Black Friday, many experienced sparse crowds and a lackluster experience. According to the research firm Sensormatic Solutions, Black Friday was the busiest day of the year in brick-and-mortar stores. As a result, some consumers opted to make fewer trips to stores and shop online instead. But with concerns about COVID and the supply chain, consumers will need to make a decision regarding when to shop.
However, there are some drawbacks to shopping online. Some items are smaller in person, and shoppers will not be able to judge their sizing from a screen. Inconsistent sizing is a common problem when shopping online. While online shopping is gaining popularity, many people still prefer trying on clothes and clothing in a store. And while the number of online stores continues to rise, some businesses will have to entice shoppers to shop in-store.
Cross-border shopping
Thanksgiving and Black Friday are the two biggest days for Canadians to spend their holiday money. The Canadian dollar has dropped to 74 cents U.S., but that doesn’t mean Canadians aren’t willing to cross the border to shop. During the last few years, Canadians have enjoyed significant bargains when shopping at U.S. retailers. However, the weakening of the loonie has led to a decrease in road trips to the U.S. in November 2015, which coincided with a drop in the loonie.
Annika Reid, a resident of Buffalo, N.Y., used to cross the border to take advantage of Black Friday deals in Toronto. However, this year, she’ll be staying home instead of traveling across the border. The Canadian dollar has dropped to a record low, which means Canadian retailers have a hard time competing with the prices offered in the United States. As a result, she’s sticking to shopping locally.