Black Friday, observed annually on the Friday following Thanksgiving in the United States, marks a pivotal moment in the retail calendar. Falling on November 29 in 2024, it signals the unofficial start of the Christmas shopping season, drawing millions of shoppers with the promise of significant discounts and exclusive deals.
Originally rooted in US tradition, Black Friday has grown into an international event, attracting consumers globally to both physical stores and online marketplaces. Over the years, its impact on consumer behaviour, retail strategies, and even global economics has been significant.
The term “Black Friday” historically referred to the point at which retailers transitioned from operating at a financial loss (“in the red”) to profitability (“in the black”). The phrase has since evolved into a symbol of the immense shopping frenzy that kicks off the holiday season.
The existence of Black Friday sales serves a dual purpose for both consumers and retailers:
Driving Early Holiday Spending: Retailers use significant discounts to encourage customers to shop early, creating momentum for the holiday season and ensuring a robust start to what is often the most profitable period of the year.
Clearing Out Inventory: Many stores take advantage of Black Friday to offload older or surplus stock, making way for new merchandise in preparation for Christmas and the New Year.
Intensifying Competition: The competitive nature of Black Friday compels retailers to outdo one another with more attractive deals, fostering widespread consumer interest and heightened sales.
Maximising Media Coverage: Black Friday is not just a retail event but a marketing phenomenon. Extensive media attention surrounding the day helps boost brand visibility and customer footfall.
For shoppers, Black Friday has become synonymous with securing bargains on Christmas gifts and other sought-after items. Many stores open early, with some even beginning sales at midnight. Enthusiastic customers often arrive hours in advance, some camping overnight to ensure they are first in line. The day is marked by bustling crowds and a sense of urgency as shoppers vie for limited-time deals.
Although it began as a distinctly American tradition tied to Thanksgiving, Black Friday has transcended borders. Retailers in countries around the world, including the UK, India, and Australia, have adopted the practice, tailoring it to their markets while leveraging its global appeal.
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