The Agile Daily Standup - AgileDad

The History Behind Black Friday

Nov 29, 2024

Discover the surprising origins of Black Friday, which started with financial turmoil in the 1860s. Learn how police officers in Philadelphia coined the term during a bustling post-Thanksgiving shopping frenzy. The 1980s saw a clever rebranding as retailers transformed it from a chaotic day to a profitable one. Uncover how the narrative shifted from chaos to discounts and deals and get tips on ensuring the legitimacy of those enticing prices through tracking tools.

04:32

Creator website

AI Summary

AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

The term 'Black Friday' evolved from its negative historical roots linked to financial turmoil to a celebrated retail event symbolizing profitability.

The transformation of Black Friday highlights the changing dynamics of consumerism, emphasizing both the allure of discounts and the pressures on retail workers.

Deep dives

The Origins of Black Friday

The history of Black Friday reveals its surprising evolution from a term associated with financial turmoil to a celebrated shopping event. Initially, in the 1860s, the term was linked to a market crash due to two financiers attempting to manipulate the gold market, which led to widespread economic panic. The modern concept began in the 1950s when police in Philadelphia coined the term to describe the chaos following Thanksgiving, marked by heavy shopping traffic and increased crime. Retailers transformed the term in the 1980s, reframing Black Friday as a positive milestone representing the shift from operating at a loss to achieving profitability, a narrative that resonated widely with consumers and businesses alike.

The Evolution and Impact of Black Friday

4min

The History Behind Black Friday

Black Friday, the day after Thanksgiving in the United States, has evolved into one of the most significant shopping days of the year, but its history has a few twists. The term "Black Friday" originally had negative connotations. In the 1860s, it was first associated with a financial crisis: two Wall Street financiers, Jay Gould and Jim Fisk, attempted to corner the gold market, causing a market crash on September 24, 1869, which was dubbed "Black Friday."

The term "Black Friday" as we know it today began in the 1950s in Philadelphia. Police officers and bus drivers used it informally to describe the chaotic day after Thanksgiving, when the city would be packed with shoppers and tourists arriving for the Army-Navy football game held on the following Saturday. The traffic jams, crowded sidewalks, and uptick in shoplifting kept officers working overtime, making it a "black" day for the police.

In the 1980s, retailers sought to redefine the term with a more positive spin. They linked Black Friday to the idea of stores "going into the black," or turning a profit, thanks to the start of the holiday shopping season. Traditionally, retailers operated at a loss (or "in the red") from January to November, and they began making their annual profit, or going "in the black," in late November when holiday shopping started. This rebranding was successful, and "Black Friday" became widely accepted as a day of deals and discounts.

Over time, Black Friday has grown, both in terms of hours (with stores opening earlier each year) and in significance. By the early 2000s, it became the biggest shopping day of the year in the United States. The advent of online shopping and the introduction of "Cyber Monday" in 2005 added a new dimension to holiday sales, allowing consumers to continue shopping for deals online.

Today, Black Friday is known for its deep discounts and big sales, often stretching over several days or weeks in some stores, with deals beginning as early as October in recent years. However, its growth has also sparked discussions around consumerism, workers' rights, and the strain on retail employees required to work extended hours during the holiday season.

Despite these discussions, Black Friday remains a cultural phenomenon and a kickoff to the holiday shopping season, celebrated by many as an opportunity for savings and gift-buying, marking a unique moment in American retail history.

How to connect with AgileDad:

- [website] https://www.agiledad.com/

- [instagram] https://www.instagram.com/agile_coach/

- [facebook] https://www.facebook.com/RealAgileDad/

- [Linkedin] https://www.linkedin.com/in/leehenson/