Black Friday, a shopping event that was once synonymous with chaos and doorbuster deals, has undergone a significant transformation in recent years. Gone are the days of sprinting into stores before sunrise to snag limited-time offers. Today, Black Friday has to compete with Cyber Monday, and sales have largely shifted online, started earlier, and stuck around longer. Some experts even say that Black Friday has been replaced by Black November, a broader term used to describe the month-long discounts leading up to Thanksgiving weekend.
The Evolution of Black Friday
The shift in Black Friday’s identity is a response to changing consumer behaviour and the rise of online shopping. According to Barbara Kahn, a professor of marketing at The Wharton School of the University of Pennsylvania, Black Friday used to trigger people to go to the store. However, as it’s morphed into a general promotional season, Black Friday itself lost its magic: its sense of urgency. Now, shoppers can snag deals from the comfort of their own homes, and retailers have adjusted their strategies accordingly.
Despite the changes, Black Friday remains one of the busiest shopping days in the US. In 2020, the number of online Black Friday shoppers passed the 100 million mark, a record that has been sustained in subsequent years. Retailers have approached Black Friday with similar strategies, resulting in comparable trends. Every year since 2019, there have been more total online shoppers on Black Friday than on Cyber Monday, according to the National Retail Federation (NRF).
The Rise of Online Shopping
The COVID-19 pandemic further motivated retailers to reinvent their typical Black Friday offerings by promoting online shopping and transforming days-long sales into months-long savings events. These efforts worked in retailers’ favour, and online sales have continued to dominate the shopping event. People are more encouraged to shop during Black Friday and Cyber Monday than ever before, thanks to in-store and online offerings, ample time to browse deals and an overall hunger for savings opportunities as economic concerns like inflation loom.
What to Expect in 2024
Experts don’t predict that we’ll see anything out of the ordinary during Black Friday 2024. Discounts started weeks ahead, as they have in years past, and experts are confident that online sales will dominate between Thanksgiving and Cyber Monday. But if shoppers are going to visit stores in person, Black Friday is the day they’ll do it, says Katherine Cullen, vice president of industry and consumer insights at the National Retail Federation.
The Impact of Black Friday on the Holiday Shopping Season
Black Friday and Cyber Monday are intertwined with the larger holiday shopping season, but they’re not dependent on one another. While Black Friday and Cyber Monday sales have grown, the overall holiday shopping season has also seen an increase in sales. According to the NRF, total holiday spending in November and December will be between $979.5 billion and $989 billion, marking a 2.5% and 3.5% increase over 2023.
How Black Friday Became Black November
Black Friday used to mark the beginning of the winter holiday shopping season, while December 24 — the day before Christmas — marked the end. But because many retailers now offer deals over a month ahead of Black Friday, this retail calendar is growing obsolete. Unlike Amazon Prime Day and Cyber Monday, Black Friday originated as an in-person, social shopping experience. It happens the Friday after Thanksgiving, a paid holiday for most employees.
The History of Black Friday
The term “Black Friday” originally had no connection to shopping. It described a financial panic in 1869 that resulted from investors Jay Gould and Jim Fisk driving up gold prices and ultimately causing the market to crash. Since its 19th-century inception, the term “Black Friday” has generally been used to describe other bad events or negative situations, like workers not showing up to their jobs the day after Thanksgiving.
Why Black Friday Sales Start So Early
Starting Black Friday sales early is a response to recent consumer behaviour trends. Retailers adjusted their schedules accordingly after seeing a strong increase in early holiday shopping, a trend NRF surveys have supported. In fact, half or over half of shoppers surveyed said they took advantage of early sales before Thanksgiving for years now.
Is In-Store Black Friday Shopping Dead?
No, in-person Black Friday shopping isn’t dead. It’s still the most popular day for in-store shopping over the Thanksgiving weekend, and 76.2 million people participated during Black Friday 2023, according to the NRF. But due to more shoppers taking advantage of online sales, it’s no longer what defines the holiday. Now, the main segment of shoppers who visit stores in person on Black Friday are those steeped in tradition, who see Black Friday from an experiential lens, want to spend time with loved ones while browsing deals, and are reluctant to give up that yearly outing together.
Black Friday has come a long way from its humble beginnings as a chaotic shopping event. Today, it’s a symbol of the holiday shopping season, a time for friends and family to come together and snag deals. Whether you’re an online shopper or an in-store enthusiast, Black Friday has something for everyone. So, grab a cup of hot cocoa, get cozy, and start browsing those deals! 🛍️
Related to Black Friday:
