The Balancing Acts Uncovers the Origin of Black Friday

Do you love yourself a good deal? Millions of Americans look forward to one day a year when it comes to shopping.

Black Friday is the day when stores, nationwide, offer once-a-year deals on big items. It traditionally marks the beginning of holiday shopping. But have you ever thought about how this shopping day began? If you were, we’ve got you covered!

Here is the history of Black Friday.

Its History

Historically, the term “Black Friday” was not applied to the post-Thanksgiving holiday shopping spree, but due to a financial crisis in the U.S. Specifically, the crash of the U.S. gold market on September 24, 1869. Jay Gould and Jim Fisk, two Wall Street financiers, bought as much of the nation’s gold as they could hoping to drive the market value sky-high and sell for astronomical amounts of profit. On Friday, September 24th, their plan was revealed to the public crashed the stock market and bankrupted everyone on Wall Street. This started the name “Black Friday.”

How it Originated

Now, the common idea behind Black Friday is holiday shopping and its relation to retailers. It is believed by many that the term “Black Friday” originated from the concept of businesses across the nation that were at a financial loss during the year. When retail companies recorded their losses in their accounting, they would mark it red, any profits would be marked in black.

In hopes of earning profit, the theory states that stores across the country advertised discounted merchandise on the day after Thanksgiving. Shoppers flocked to the stores and blew so much money that retailers skyrocketed their profit margins. Ever since, companies globally have participated in Black Friday shopping. This day has become a tradition for many families post-Thanksgiving and an early way to get holiday gifts out of the way. But this theory isn’t true.

In the early 1960s, police in Philadelphia used the phrase “Black Friday.” The word was used to describe the chaos that resulted due to the massive crowds of suburban tourists that came to Philadelphia to do their holiday shopping. Police officers had to work longer shifts than normal and deal with traffic jams, accidents, shoplifting, and other issues on the big day. In a sense, this term was initially used to express discomfort surrounding the day. 

Present Day

Black Friday has been described as the day stores turn a profit for the year. It is considered the biggest shopping day in the United States. In fact, in the United States, consumers spent over 9 billion dollars on Black Friday in 2022. The most popular items bought by consumers in 2022 were clothing and shoes at 49 percent. Right behind was jewelry (29 percent) and toys (26 percent).

Stores around the nation are already advertising deals for this Black Friday in 2023. Lines will be wrapped around buildings with people hoping to get their hands on a great deal.

If you don’t feel like going out due to the large crowds, don’t worry! A couple of days after is Cyber Monday. You can find most of the same deals from your computer. 

What will you be shopping for this holiday season?