What is the reason it’s called “Black Friday”? The origin story of Day
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Have you ever wondered how the holiday shopping spree got its name?
Many believe that the day after Thanksgiving is called “Black Friday.” This is because shops would be able to go from being in the red or operating at a loss to making a profit or going into the black. Although technically correct, the roots of the term are darker.
Why is Black Friday called Black Friday?
Jay Gould and Jim Fisk caused a market crash in 1869 by driving up gold prices. This is the origin of “Black Friday”. The stock market fell 20%, foreign trade was stopped and the value of wheat and corn dropped dramatically.
In Philadelphia in the late 1950s and early 60s, the term was revived and was used to describe the day between Thanksgiving Day and the Army-Navy match. Law enforcement had to work extra hours to manage the large crowds of shoppers and tourists that would attend the event.
The term “Black Friday” became synonymous with shopping in the 1980s. The term “Black Friday” was renamed by retailers to reflect the history of accountants using different colours to indicate a company’s profitability. Red for negative earnings and black for positive earnings. Black Friday was the day that stores finally made a profit.
The name stuck and Black Friday has become a long-running event. It’s also spawned other shopping holidays like Small Business Saturday or Cyber Monday.
Black Friday 2022:
home depot black friday will be held this year in November. Cyber Monday, an online-only sale event, is on November 28. Due to their close proximity, these two events have become synonymous in recent years.
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Origin of Black Friday
Myths surround the history of Black Friday. Is Black Friday really about shopping, or is it a cover for more sinister motives? The History Channel discredits the rumor that Black Friday was once associated with slavery.
History Channel claims that a myth that claimed that slaves could be purchased at a discounted price by Southern plantation owners in the 1800s has been circulating since recent years. Although some have called for boycotting Black Friday, this version of Black Friday’s history is not true.
Another myth about Black Friday is that retailers would lose their entire year, also known as “in red.” Retailers would then experience a boost the day after Thanksgiving thanks to holiday shoppers who are looking for big discounts gifts. This would propel them “back into profit.”
The History Channel added, “Though retail companies used to report losses in red and profits, when they did their accounting this version of Black Friday’s history is the officially sanctioned, but inaccurate, story behind the tradition.”
What Is The True Story Behind Black Friday’s Tradition?
This has to do with shoppers and retailers, and maybe even Pennsylvania. It’s true. Black Friday was first started in Philadelphia, PA in the 1950s when shoppers from the suburbs would come to the city before the Army-Navy football match every Saturday. The out-of-towners would flood the city, and local police would have to work long shifts in order to make up for it. The History Channel states that this would be a day when police are not allowed to leave.
McGrath explains that “Black Friday” was first coined in Philadelphia. McGrath explains that in the 1960s, Philadelphia police complained about congested streets. It also refers to the financial crisis of 1869, which was triggered by gold-stamping investors who attempted but failed to control the stock market.
Although the day of chaos was officially called “Black Friday” in 1961, retailers and businessmen fought to change it to “Big Friday”. The day was first known in the United States as Black Friday in the late ’80s.
The “holiday”, also known as Black Friday, was once well-known. Retailers devised a strategy to change that perception. Retailers changed how Black Friday was perceived by incorporating the narratives “in the red” & “back into the blue”. This has made it the biggest shopping day with a lot of great deals that we know today.
The popularity of Black Friday has sparked “spinoff shopping days” Small Biz Saturday, and Cyber Monday.
It is called Black Friday.
In the 1950s, Philadelphia was home to Black Friday. In the days leading up to the Saturday Army-Navy football match, many suburbanites would travel into Philadelphia and crowd the city. It was known as Black Friday because all the city’s officers were on duty to manage the large crowds.