Black Friday, the day following Thanksgiving, is one of the largest shopping days in the US and is well-known for its crazy crowds and doorbuster sales. The term’s history, however, goes much beyond its contemporary use in relation to retail sales.
Despite what many people think, the idea of businesses turning from losses (in the red) to profits (in the black) is not the origin of the name Black Friday. Rather, its origins can be found in Philadelphia in the 1960s, when police officers first used the term to characterize the mayhem brought on by the influx of suburban shopping. These tourists frequently came to watch the annual Army-Navy football game and start their holiday shopping. Longer police shifts were necessary due to the traffic bottlenecks caused by the inflow. Local retailers’ attempts to rename the day as Big Friday were unsuccessful.
The narrative surrounding Black Friday changed during the late 1980s as retailers all over the country adopted the red-to-black profit tale, turning the day into a representation of economic optimism. With steep in-store and online discounts, Black Friday is now promoted as the unofficial beginning of the holiday shopping season.
Other shopping occasions have been influenced by contemporary Black Friday. Cyber Monday showcases online sales, Giving Tuesday promotes charity contributions, and Small Business Saturday encourages patronizing local businesses.
It’s interesting to note that the term “Black Friday” has been used in financial history before its shopping connotations. When financiers Jim Fisk and Jay Gould tried to control the U.S. gold market on September 24, 1869, a financial panic broke out. Due to President Ulysses S. Grant’s intervention, gold prices fell precipitously, resulting in numerous bankruptcies.
Whether it’s a historical narrative or a shopping phenomenon, Black Friday never fails to enthrall and change, representing a blend of tradition and capitalism.
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