Black Friday Slowly Losing Grip on Consumers

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You may recall seeing large masses of people lined up outside of stores like Best Buy, Apple, and commercial malls eagerly awaiting for the doors to open on the day after Thanksgiving. A day famously known for its unbeatable discounts, Black Friday has stolen the heart of consumers nation-wide. Before the introduction of the internet, millions of shoppers flooded retail stores to try to get their hands on amazing deals every year. Some even took it as far as wrestling, pushing, and fighting others for an item. 

The name “Black Friday” originates from a 1869 financial crash that immensely impacted the economy. The term “black” is used to signify profitability while the color red is commonly associated with loss because of the dated bookkeeping practice. In the 1950s, it was then again used by Philadelphia and Rochester police officers in reference to the large crowds of shoppers in their cities during Thanksgiving time. Over the years, the phrase became widely known among citizens across the country. 

Black Friday is remarked as a crucial calendar date for businesses as many start planning months before the event. They order new items, decide what discounts they will offer, and market their sales. In an economist's perspective, this day can be considered a reflection of the state of the economy. Depending on how the consumer chooses to spend their money on Black Friday can determine their behavior for the future. Companies can make more educated decisions for the upcoming year based on the consumer’s dislikes and preferences towards their products. Also, the vast amount of purchases made during that singular day can hold retailers over during slow times of the year.

During recent years, Black Friday has been seen to be going on a downward trend as Cyber Monday or online deals are more accessible to consumers. The appeal to scrolling online in the comfort of your own home compared to standing in outrageous lines or battling other competitive shoppers for items has grown tremendously. The pandemic only fueled this initiative to switch to online shopping. As a result, stores in person are simply not offering the same deals as they once were. Most retailers now make the majority of their profits online and have expanded the idea of the deals only being one day a year to a couple weeks during the holiday season.