Black Friday originated in the United States and has since become a global phenomenon, marking the unofficial start of the holiday shopping season. Retailers open their doors early and offer promotional sales to kick off the season, a tradition that has led to significant spikes in revenue. According to the National Retail Federation, an estimated 186.4 million consumers shopped during the 2020 Thanksgiving period, which includes Black Friday and Cyber Monday.
The term “Black Friday” was first used in the 1960s in Philadelphia to describe the heavy traffic that would occur on the day after Thanksgiving. Retailers later adopted the term to reflect their shift to profitability, or “in the black,” due to the high volume of sales.
Black Friday By The Numbers
Consumer Spending: In 2020, Black Friday online sales hit a record $9 billion, a 21.6% increase from the previous year, as reported by Adobe Analytics.
Early Birds: A survey by RetailMeNot found that in 2021, 67% of consumers planned to start their holiday shopping earlier than usual, with many retailers offering Black Friday deals well in https://traffnews.com advance.
In-Store vs. Online: Despite the convenience of online shopping, a 2019 report by the National Retail Federation revealed that 84.2 million people shopped in stores on Black Friday, compared to 93.2 million online shoppers.
Cyber Monday: The Online Rush
Cyber Monday, which falls on the Monday after Thanksgiving, was created by retailers in 2005 to encourage people to shop online. It has quickly become a significant day for e-commerce, with Adobe Analytics reporting a record $10.8 billion spent on Cyber Monday in 2020, making it the largest online shopping day in U.S. history at that time.
Tips for Navigating Black Friday and Cyber Monday
Plan Ahead: Research deals and create a shopping list to avoid impulse buys.
Compare Prices: Use price comparison tools to ensure you’re getting the best deal.
Stay Informed: Sign up for newsletters and follow your favorite retailers on social media for exclusive offers.
Use Apps: Download retailer and price comparison apps for quick access to deals.
Stay Safe: Be mindful of cybersecurity when shopping online and only purchase from reputable websites.