What is Black Friday?
It is imperative to understand what does it actually mean. This is the day when retail prices decrease immensely for 24 hrs so that people spend the cash in the run-up to Christmas. In today’s time, online shopping has changed its concept as the sale continues for around two weeks so that they can start their sale first and lure the customers.
You would be amazed to see that people stand in the queue for hours and even for days to get the best deal. But at times, it turns bizarre as people start arguing over discounted gadgets and appliances.
When is it celebrated?
It is celebrated after Thanksgiving day, and for them, this day means shopping. The day after Thanksgiving in the US flags the start of the shopping spree. Well, you might be surprised to know that it is not an official holiday, but some employees give their employers leave on this day.
How people celebrate it?
This day has become a marketing sensation for every seller and buyer for a couple of years. It has been observed that since 2005, this is the busiest day of shopping. This day the shopkeepers open their shop very early and give great offers and promotions to the buyers.
The offers are limited, so people try and go early to get the best deal possible.
Why is it called Black Friday?
There are numerous explanations for this question. Some people say that as people get so much profit on the vast shopping day, they go into the black. Many people also say that this name was initiated in Philadelphia in the middle of the 1960s; because of such colossal traffic, police and bus drivers started calling it Black Friday.
Although many people did not like this name because it sounded negative, people gave a positive explanation to this name that as businesses turn a lot of profit. But in accounting terms, positive amounts are shown in black. Therefore it means that stores are operating at decent profits.
Importance for retailers
Black Friday holds really significant for retailers as they are reliable on holiday shopping to profit for the year. They make huge profits or can say the maximum profit during this period.
Black Friday has set many other trends for the marketers, such as Cyber Monday, Giving Tuesday for people who cannot shop on Black Friday because of an immense crowd. Giving Tuesday was established in 2012 as a day of generosity. But whatever the day it is, this is a great way to celebrate any festival or occasion.