Why is Black Friday Not Popular Anymore? Has Black Friday Lost Its Popularity?
by Aishwarya R | Updated Nov 25, 2023
What is Black Friday?
Black Friday, a phenomenon that originated in the United States, has become synonymous with the frenzied commencement of the Christmas shopping season. This annual event falls on the Friday following Thanksgiving, which typically lands in late November. It has garnered a reputation for being the day when retailers entice consumers with highly promoted sales, offering a myriad of products at significantly discounted prices.
Traditionally, Black Friday has been marked by a shopping extravaganza where both brick-and-mortar stores and online retailers compete to attract throngs of eager shoppers. The allure of jaw-dropping deals prompts many retailers to open their doors early, sometimes at the stroke of midnight, and in some cases, encroaching upon the Thanksgiving holiday itself. The frenzy of activity during this time is palpable, with shoppers queuing up well before the crack of dawn to snag the best deals on coveted items.
The appeal of Black Friday extends beyond the confines of physical stores, as the rise of online shopping has given birth to its virtual counterpart, aptly named "Cyber Monday." This digital shopping spree takes place on the Monday following Black Friday, offering a continuation of discounts and promotions, often with a focus on online purchases. In recent years, the concept of an extended shopping week, known as "Cyber Week," has gained popularity, providing consumers with an entire week of discounted opportunities to fulfill their holiday shopping lists.
One of the remarkable aspects of Black Friday is its status as the busiest shopping day of the year in the United States. The sheer volume of transactions, both in-store and online, underscores the cultural significance of this retail extravaganza. Consumers eagerly anticipate the unveiling of Black Friday deals, meticulously planning their shopping strategies to make the most of the limited-time offers.
While Black Friday is undeniably a boon for shoppers seeking budget-friendly deals, it also sparks debates regarding its impact on the retail workforce and the encroachment of consumerism into the Thanksgiving holiday. Nonetheless, the tradition persists, captivating millions of Americans each year as they partake in the thrilling pursuit of bargains and kick off the festive season with a shopping spree like no other.
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Why is Black Friday Not Popular Anymore?
The popularity of Black Friday has undergone a transformation over the years, influenced by shifting consumer behaviors and the evolution of retail trends. While it remains a significant shopping event, several factors contribute to the perception that Black Friday is not as popular as it once was.
One key factor is the globalization of the Black Friday tradition. Originating in the United States, Black Friday has now expanded its reach to a global audience. However, this widespread adoption has led to a dilution of its exclusivity and the distinctive shopping fervor that characterized its early years. As Black Friday promotions become more common globally, the sense of novelty and urgency that initially defined the event has diminished.
Moreover, the rise of online shopping has significantly altered the Black Friday landscape. The convenience and accessibility of e-commerce platforms have allowed consumers to capitalize on deals without the need to physically visit stores. As a result, the traditional image of long lines and bustling crowds on Black Friday has shifted towards a more subdued online experience, spreading the shopping activity across an extended period.
When is Black Friday?
Black Friday encompasses two distinct occasions. In the United States, it predominantly refers to the day after Thanksgiving, signaling the kickoff of the holiday shopping season with retailers offering substantial discounts. Always falling on the fourth Friday in November, Black Friday in 2023 is slated for November 24, and in 2024, it will occur on November 29.
However, the term also harkens back to a historical event on September 24, 1869, when a financial panic ensued due to manipulative actions by gold speculators, showcasing its dual identity with a connection to a significant moment in U.S. financial history. Black Friday holds a twofold meaning: a contemporary association with post-Thanksgiving shopping extravaganzas and a historical reference to a 19th-century financial crisis. Understanding both facets provides a comprehensive view of the term's significance and underscores its rich historical roots.
History of Black Friday
Here is the history of Black Friday:-
The Financial Origins: Black Friday and the Gold Market Crash (1869)
The term "Black Friday" finds its roots not in holiday shopping but in a financial crisis. In 1869, Jay Gould and Jim Fisk, notorious Wall Street financiers, orchestrated a scheme to corner the U.S. gold market. Their plan aimed to inflate gold prices for substantial profits. However, the conspiracy collapsed on a Friday in September, leading to a stock market crash and financial ruin for many.
Retail Mythology: Red to Black (20th Century)
Contrary to popular belief, the commonly repeated story linking Black Friday to retailers operating "in the red" for the year and turning a profit on the day after Thanksgiving is inaccurate. While retailers did use red for losses and black for profits in accounting, this narrative is a myth. The true history of Black Friday is more nuanced than this retail-centric origin story.
Urban Chaos: Philadelphia's 1950s Bedlam (1950s)
The term "Black Friday" first gained prominence in the 1950s in Philadelphia. The city's police coined the phrase to describe the pandemonium that erupted the day after Thanksgiving. Suburban shoppers and tourists flooded the city ahead of the annual Army-Navy football game, creating chaos for law enforcement. Shoplifting incidents added to the challenges faced by the police during this turbulent time.
Attempted Rebranding: From Black to Big Friday (1961)
By 1961, "Black Friday" had become ingrained in Philadelphia's vernacular. Merchants and city boosters attempted, albeit unsuccessfully, to rebrand the term to "Big Friday" in an effort to shed its negative connotations. Despite their efforts, the term persisted and slowly made its way into national consciousness.
Reinvention and Commercialization (1980s)
In the late 1980s, retailers sought to reinvent Black Friday's image, turning it from a day associated with chaos and negativity into a positive event. The "red to black" concept emerged, framing the day after Thanksgiving as the moment when retailers transitioned from losses to profits. This narrative took hold, overshadowing the term's tumultuous history in Philadelphia.
Evolution into a Shopping Extravaganza (1980s-Present)
Over the years, Black Friday transformed from a one-day sales event into a four-day shopping extravaganza, extending to Small Business Saturday/Sunday and Cyber Monday. Stores progressively opened earlier, and the tradition now sees dedicated shoppers hitting the stores immediately after their Thanksgiving meals. Despite its complex history, Black Friday remains a significant cultural and commercial phenomenon in the United States.
Has Black Friday Lost Its Popularity?
Black Friday has experienced a shift in popularity due to global adoption and the rise of online shopping. As the tradition expanded globally, exclusivity waned, diluting the event's original fervor. The convenience of e-commerce has reshaped Black Friday, with online spending reaching $7.3 billion on the day and $5.6 billion on Thanksgiving. The perception of Black Friday as a single, high-energy day has diminished as online deals spread across an extended timeframe. While still significant, the dynamics of Black Friday have transformed, prompting discussions about its evolving popularity.
Why is Black Friday Not Popular Anymore - FAQs
The global adoption of Black Friday has expanded its reach, diminishing the once-exclusive nature of the event and reducing the sense of urgency that characterized its early years.
The rise of online shopping has significantly altered Black Friday dynamics, allowing consumers to access deals without the need to physically visit stores. This has shifted the traditional in-store experience towards a more subdued online one.
Yes, evolving consumer behaviors, such as a preference for extended online shopping periods, have contributed to the perception that Black Friday is no longer confined to a single, highly popular day.
The global expansion of Black Friday has made the event more common globally, diluting its uniqueness and diminishing the enthusiasm associated with its early years.
No, the shift towards online shopping has altered the traditional scene of crowded stores. While Black Friday remains significant, the dynamics have changed, leading to discussions about its evolving popularity.