For the citizens of the USA, ‘Black Friday’ can be considered a beautiful and National Day of Harmony. Hearing the name might make you think of something ominous. For example, black cats are considered as fortuneless in many regions of America, but this conceit is not without differentiation widespread everywhere. According to Western folklore, black cats are often seen as token of loser. One reason behind this is that during the Middle Ages, black cats were attached with harpy or evil forces, an idea that came to America from Europe. Especially with the association of black cats with Halloween and Hecate, it creates an ominous notion in many people’s minds.
However, not all Americans believe in such superstitions.
Do you understand why the word ‘Black Friday’ immediately brings to mind something ominous?
Although the ominous notion comes to mind, for Americans, this ‘Black Friday’ is a time of opportunity. Whether rich, poor, or middle-class, Americans eagerly wait all year with money in hand for this ‘Black Friday.’
On this day, Americans receive special discounts on their purchases. In some cases, these discounts exceed 50%. This brings joy to buyers, and at the same time, sellers are also happy to offer these discounts. Additionally, these buying and selling transactions contribute approximately $20 billion to the American economy through businesses. Now you understand the volume of buying and selling that revolves around Black Friday.
Now you are surely curious about how Black Friday came to be or what its history is? Many Americans do not know about this day. If you do not know, how can you understand why there are so many buying and selling events centered around this day?
Do you know Thanksgiving Day?
It is a national holiday in the USA. To know about Black Friday, please learn about it first.
Thanksgiving Day has historical sharpness in the United States, seen on the 4th Thursday of November as a national holiday. Its derivation can be painted back to the early 17th century when Pilgrims and Native Americans in Plymouth, Massachusetts, came simultaneously to celebrate the Pilgrims’ first successful harvest in 1621, initially starting as a harvest festival. However, it wasn’t until 1863 that President Abraham Lincoln announcement it a national holiday to raise thankfulness and unity during the Civil War.
Today, Americans commemorate Thanksgiving by assembly with family, expressing gratitude, and enjoying consecutive dishes such as turkey, stuffing, mashed potatoes, and pumpkin pie. Further, it marks the beginning of the holiday Bulk shopping season, with retailer’s oblation significant rebate or discount on “Black Friday,” which follows Thanksgiving.
This holiday, accentuation themes of gratitude, community, and unity, holds considerable cultural importance.
Thanksgiving and similar days of gratefulness have been acknowledged in the Christian community for centuries, even prior to the European colony of North America.
During the early 16th century, Spanish and French colonist in what is now the United States held Thanksgiving services. In most cases, these days involved dine on and religious practice. Historian Michael Gannon notes that a communal Thanksgiving meal on September 8, 1565, indicate the founding of St. Augustine, Florida.
By 1607, Thanksgiving services were common in the Commonwealth of Virginia, with Jamestown, the first permanent settlement, provide a Thanksgiving event in 1610. Moreover, on December 4, 1619, when 38 English newcomer reached Berkeley Hundred in Charles City, they shortly celebrated Thanksgiving.
Their charter from the London Company specified that “the day of our ships’ arrival at the spot allotted for colonization in the province of Virginia must be yearly and always kept sacred as a day of thanksgiving to Almighty God.” Since the mid-20th century, this celebration has been held annually at the ancestral home of the Harrison family in Virginia, known as Berkeley Plantation.
Economic Impact Across Income Levels
The impact of Black Friday shopping varies across economic groups. Higher-income shoppers tend to spend more, especially on big-ticket items, while middle and lower-income households focus on maximizing savings on everyday goods and holiday gifts. Interestingly, Black Friday spending also serves as an economic indicator: economists analyze these consumer patterns to gauge consumer confidence and overall economic health. For instance, in recent years, holiday spending data has been crucial for understanding inflation’s impact on disposable income and purchasing power.
Black Friday also boosts the retail sector significantly, as sales from November through December can make up to 20-30% of annual sales for many businesses, creating seasonal job opportunities and injecting capital into the economy. This boost in spending not only supports large corporations but also benefits small businesses and online sellers who capitalize on the shopping rush.
How much money is exchanged during this period?
The total spending by American customers, both online and offline, on this Black Friday event amounts to nearly $10 billion. Surprised? Thinking, ‘I only spent $1,000, so how is this chance?’ Now guess how many Americans, just like you, expend $1,000 or more on this day.
In 2023, Americans spent $139 million particularly on gifts, and $166 million just in retail stores alone. Black Friday 2023 income increased by 7.46% year-over-year (YoY), with 90.6 million Americans shopping online on Black Friday 2023. Around 83.2% of Thanksgiving Weekend American buyer make purchases on Black Friday.
Taking all this into account, the average amount spent per customer was around $480, just for Black Friday. Experts suggest that on November 29 this year, this transaction amount may rise to approximately $10.8 billion. This fact is sourced from the National Retail Federation (NRF), U.S. Census Bureau, Monthly Retail Trade Reports, the U.S. Small Business Administration, Small Business Saturday, U.S. Bureau of Labor Statistics, and other references.
So, we’ve understood the tradition and history, as well as the national economic power of this day. But now, the question is, what about the advantage for individual American consumers?
Typically, significant discounts are available across various product categories. Best-selling product on this day include electronics such as laptops, TVs, headphones, smartphones, and gaming consoles. Over and above, clothing, sports equipment, furniture, and home decor also receive solid discounts. Kitchen appliances, smart home devices, and Bluetooth speakers are widely bought on Black Friday since they are often available at the year’s minimum prices.
Many Americans use this day for Christmas shopping, as Black Friday sales mark the starting of the holiday shopping season. Consequently, shoppers usually find good deals within their budget on this day.
For 2024, Black Friday is expected to offer even huge discounts on electronics, clothing, and household essentials. This shopping craze has a notable impact on the economy, as the wave in buying and selling gives new momentum to business sales.
In the last tips, buying sensitive and expensive items like TVs and laptops.”
In the last tips, buying sensitive and expensive items like TVs and laptops.
Create a List:
Start by making a list of items you need to buy during the Black Friday event. Note each item’s current price and its likely discounted price, calculating an approximate budget.
Set a Budget:
Fix how much you’re willing to spend on each item within your budget, keeping in mind your earnings and overall financial ability. If you need a loan, think about if you can manage paying back throughout the year without financial strain.
Look for Deals and Offers Ahead of Time:
Search for deals on the items on your list. Use search engines, ask local friends or colleagues, or explore deal-finding tools like Honey, CamelCamelCamel, and Rakuten. Many major brands send out early deal announcements to their email subscribers, so subscribe to receive alerts.
Websites like Slickdeals and BlackFriday.com upload Black Friday ads in advance, making it easier to preview offers. Communities on Slickdeals and Reddit also share tips on the best deals and coupons, providing valuable insights.
Check Store Return Policies:
Understand the return, warranty, and guarantee policies of stores on your list. In case there’s an issue with a purchased product, knowing the return policy will help you resolve it.
Compare Across Stores:
differentiate prices at different stores or websites for the same item to indemnify you’re getting the best deal.
Use Loyalty Programs:
Many Americans use loyalty programs to receive early access to Black Friday offers and special discounts. These programs often allow members to earn points on every purchase, which can be redeemed later. Some even offer inventory updates and store pick-up options, helping to reduce shipping costs.
For TV Purchases:
Research Models and Features: Review features like 4K, HDR, screen size, and smart TV capabilities.
Check Stock:
Popular models may have limited stock, so consider signing up for stock alerts.
Opt for Pick-Up:
Reduce shipping costs by picking up your TV directly from the store.
Review Ratings:
Check reviews and ratings to avoid post-purchase issues.
Understand Buyer Protection Policies: Ensure you know the return and replacement policy.
For Laptops and Electronics:
Determine Required Features: Decide on essential features such as processor, RAM, storage, graphics card, and battery life.
Choose Brands and Models: Select specific brands and models to smooth shopping.
Use Price Tracking: Monitor the price history of your selected products for realistic discount expectations.
Store Pick-Up Option: Reduce costs by opting for in-store pickup if available.
Finally, stay tuned for tips on buying sensitive, high-value items like TVs and laptops.
Final Word
My final words are that in any national or international event, we often become excited and eager to celebrate, filled with joy. However, it is our responsibility to ensure financial safety for ourselves and to advise our families and loved ones to do the same. Americans have a reputation in many countries and states for being aware and cautious in such matters. Preserving this reputation is a duty for us as individuals, families, and as a nation, and supporting each other in this is part of our shared responsibility. Share this post to spread awareness and create a sense of responsibility around the upcoming Black Friday. Wishing you an early Happy Thanksgiving Day.”
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