The observance of Black Friday marks the grand preparations for Christmas with the beginning of the shopping season in the United States. As the day is observed for the shopping frenzy, several stores as well as online platforms offer attractive discounts and offers during this period.

Black Friday is considered to be one of the busiest shopping days of the year. Every year, it is observed a day after Thanksgiving, which is a traditional holiday in the United States on which people express gratitude over a delicious meal with traditional delicacies such as roasted turkey apart from other dishes.

This year, Thanksgiving was observed on November 23, while the Black Friday is being observed today, November 24.

Black Friday 2023: Origin

Many might wonder about the origin of the significant celebration, specifically dedicated to shopping. The history of the day is linked to the chaotic scenes of Philadelphia in the 1960s. It was then termed as Black Friday when Philadelphia Police used it to describe the havoc caused by the suburban tourists flooding the city for the holiday shopping. This resulted in major traffic jams, accidents and posed a challenge for the police forces.

Looking at demand and popularity of the day, city merchants later tried to rename the day as Big Friday. However, the term Black Friday gained a massive prominence globally over the year and the day continues to be known by the same name.

Besides, as per the Encyclopedia Britannica, the term Black Friday has been in use since 1869, which described the American Wall Street financiers Jay Gould and Jim Fisk. They were the ones who brought up a significant portion of the nation’s gold to drive up the price.

The duo was not able to re-sell the gold at the raised profit margins as they planned for and hence their business was taken down on September 24, 1869. Later, the scheme came to light on a Friday in September, leading to a rout in the stock market while resulting in bankruptcy for many big investors on Wall Street.

Black Friday 2023: Significance

Currently, the annual shopping festival has become a major cultural and economic event. People look forward to Black Friday deals with great anticipation to take advantage of the discounts, which leads to a surge in retail activity.

The event has become more widely known around the world than it was in America, by influencing consumer behaviour and creating a rush for shopping. The day not only represents the hunt for deals but also the start of the holiday season ahead.

(Edited by : Priyanka Deshpande)

First Published:Nov 24, 2023 2:37 PM IST