Unpacking the History of Black Friday: How it became a worldwide retail event
TAMPA (BLOOM) – Black Friday, once a modest post-Thanksgiving tradition, has burgeoned into a global shopping extravaganza. This article delves into the fascinating journey of Black Friday, tracing its roots from a 19th-century financial crisis to its current status as a hallmark of retail and consumer culture.
The origins of Black Friday are unexpectedly linked to a financial crisis. On September 24, 1869, two Wall Street financiers, Jay Gould and Jim Fisk, triggered a U.S. gold market crash, an event so catastrophic it was dubbed “Black Friday.” This day marked the beginning of a term that would evolve dramatically over the centuries .
Black Friday Gains Momentum in PhiladelphiaThe term “Black Friday” reemerged in the 1950s and 1960s in Philadelphia. It was used by local police to describe the chaos ensuing from the influx of suburban shoppers and tourists into the city for holiday shopping and the annual Army-Navy football game. The day was notorious for extended police shifts, increased traffic, and a rise in shoplifting .
By 1961, “Black Friday” had become embedded in Philadelphia’s lexicon. Local merchants and city boosters attempted to change the term to “Big Friday” to avoid the negative connotations, but the original name persisted .
The Cultural Impact of Black FridayIt wasn’t until the late 1980s that Black Friday started being positively framed by retailers nationwide. They reinvented the narrative, suggesting that this day marked the point in the year when retailers moved from operating at a loss (“in the red”) to earning a profit (“in the black”). This reinterpretation helped Black Friday gain acceptance across the United States as a significant sales day .
The Dark Side of Black FridayWith its rise in popularity, Black Friday has witnessed its share of darker moments. Tragic incidents, such as the 2008 trampling of a Walmart employee in Long Island and various episodes of shopper aggression, underscore the intense consumer frenzy that Black Friday can incite. These incidents have led to calls for more responsible consumer behavior and safer shopping environments .
The Rise of Cyber Monday and Other Spin-OffsThe digital age brought further evolution to Black Friday. The early 2000s saw the birth of Cyber Monday, as retailers recognized a trend of increased online shopping following the Thanksgiving weekend. By 2017, Cyber Monday’s sales almost matched Black Friday’s, signaling a shift towards online consumerism .
The Future of Black FridayToday, Black Friday has expanded beyond a single day. Many retailers offer deals starting on Thanksgiving night, turning it into an extended shopping period. This evolution reflects the changing landscape of retail and consumer habits, where traditional shopping is gradually giving way to online sales and longer discount periods .
From its 19th-century roots to its current status as a hallmark of global consumer culture, Black Friday’s transformation is a testament to its adaptability and enduring appeal. As shopping habits continue to evolve, so too will the nature of Black Friday, reflecting broader trends in retail and consumer behavior.
