The day after Thanksgiving, also known as Black Friday to many North Americans. The history of Black Friday has evolved over time, from its origins in financial crises to becoming the shopping extravaganza we know today.
Here’s a breakdown of its evolution:
1. The Financial Origins (1869)
The term “Black Friday” was first used on September 24, 1869, when a financial panic struck the United States. Two investors, Jay Gould and James Fisk, attempted to corner the gold market, causing prices to skyrocket. When the government intervened, gold prices plummeted, leading to a market crash and widespread financial ruin.
2. Shift to Retail (1950s-1960s)
In the 1950s, police in Philadelphia began using the term “Black Friday” to describe the day after Thanksgiving, as the city would become overwhelmed with traffic and crowds ahead of the Army-Navy football game. Shoplifting also surged during this time, adding to the chaos.
Retailers initially disliked the negative connotation and attempted to rebrand the day as “Big Friday,” but the name “Black Friday” stuck.
3. The Retail Boom (1980s)
In the 1980s, retailers reinvented the term to signify profitability. Accountants used black ink to represent profits and red ink for losses. Since the day after Thanksgiving marked the start of the holiday shopping season, it became associated with businesses “going into the black” financially.
This positive spin turned “Black Friday” into a symbol of retail success and an opportunity for consumers to score deals.
4. Expansion to a Shopping Tradition
By the 1990s and 2000s, Black Friday had become the unofficial start of the holiday shopping season in the U.S., with retailers offering doorbuster deals and significant discounts. The rise of e-commerce added another layer, with Cyber Monday emerging as the online shopping counterpart.
5. Globalization of Black Friday
In the 2010s, Black Friday expanded beyond the United States, gaining popularity in countries like Canada, the UK, Brazil, and even China. Retailers around the world began adopting the concept to kick off their own holiday sales seasons.
6. Modern-Day Black Friday
Today, Black Friday is a multi-day event often starting as early as Thanksgiving Day or even weeks before, with online and in-store deals. It has grown into a cultural phenomenon, driven by consumer demand and intense marketing campaigns.
Cultural Significance
Black Friday reflects the intersection of American consumerism, holiday traditions, and economic trends. It has become a time when retailers and shoppers come together to prepare for the holiday season, though critics often point out the day’s association with overconsumption and chaotic crowds.
There you have it! The history of Black Friday, happy shopping 🙂
