Historically, the term “Black Friday” referred to September 24, 1869, a day on which the US gold market suffered a huge crash due to the greed of two Wall Street stockbrokers, Jay Gould and Jim Fisk. During this time of industrial growth, the two took advantage of eager investors by attempting to corner the New York City gold market creating an economic upheaval that would take months to overcome. In the 1950’s, Philadelphia law enforcement used the term to describe the mayhem of crowds made up of shoppers and sports fans who poured into the city the day after Thanksgiving. It wasn’t until the 1980’s that the term referred to a nationwide shopping day when retailers grappled for their share of early holiday season sales.
Today, Black Friday is widely celebrated by consumers and retailers alike on the Friday after Thanksgiving as the unofficial start of the Christmas shopping season. Consumers huddle in long lines outside stores hoping to get killer deals on electronics, jewelry, and toys as retailers push to move stagnant inventory. Some stores start their sales Thanksgiving night, while others open in the early hours on Friday. According to the National Retail Federation, the holiday season can account for between 30% and 40% of annual sales for many retailers.
Cyber Monday was created by marketers as more and more people chose to sleep in on Black Friday and instead, shop online. The explosion of Amazon and the promise of free shipping from many retailers, including Apple, Walmart, and Target have added to the online shopping frenzy.
Local businesses also celebrate the start of the holiday season with Small Business Saturday. This initiative is offered by many communities to draw attention to local business and to help keep revenue in your community. Small Business Saturday encourages citizens to “buy, eat, and go” to local small businesses during the holiday season.
To get the most of Black Friday and Cyber Monday, make a shopping list with names and several gift ideas. Do research before you start shopping to be sure you know which stores to hit and so that you can stay within budget. Always inquire as to the return policy to ensure you can return a gift if needed. Gift cards or cash are almost always appreciated, no matter the amount. When shopping online, don’t forget to check shipping costs, since some items may not qualify for free shipping. Shop early for personalized gifts, which may require additional mailing time. Finally, check for discounts or coupons in addition to holiday sales, and save your receipts and order confirmations in a holiday folder.
