From Wall Street Crash to Shopping Spree: The Enigma of Black Friday
Black Friday, the post-Thanksgiving shopping frenzy that marks the unofficial start of the holiday season, has a history as colorful as the deals it offers. While today it’s synonymous with doorbuster discounts and online bargains, its origins lie in a far more dramatic event.
On September 24, 1869, the U.S. stock market plunged into chaos after a financial scheme by Wall Street titans Jay Gould and Jim Fisk backfired. The crash, blamed on manipulation of gold prices, forced President Ulysses S. Grant to intervene, using federal gold reserves to stabilize the economy. The impact was so profound that it permanently stained that Friday as "Black Friday" in financial history.
Decades later, in 1950s Philadelphia, the term resurfaced, this time attached to the chaotic traffic jams that ensued after the annual Army-Navy football game, drawing throngs of fans and overwhelming police efforts.
Retailers, always quick to capitalize on opportunity, saw the catchy moniker as a perfect fit for the post-Thanksgiving shopping surge. The event, initially confined to a single day, gradually morphed into a multi-day shopping extravaganza, now encompassing a significant portion of the holiday season.
Evolving Traditions:
Today, the rise of online shopping and the pandemic’s impact on in-person gatherings have fundamentally altered the Black Friday landscape.
"Cyber Monday," born in 2005, saw online retailers offering lucrative deals on the Monday following Thanksgiving, further extending the shopping season.
Despite these changes, Black Friday remains a retail behemoth.
Walmart is even targeting higher-income consumers this year, recognizing that this demographic makes up a significant portion of their customer base.
Consumer Confidence and Inflation:
The 2024 holiday season comes amidst concerns about inflation, yet consumer spending remains resilient. A recent Gallup poll found that "38 percent of Americans plan to spend more than a thousand dollars during the holiday season, and 31 percent of them said they will spend less than $500." This suggests a potential shift in consumer priorities, with many focusing on value and quality over quantity.
"Inflation continues to be a concern for most Americans, but they are adjusting their shopping habits accordingly," said a spokesperson for the National Retail Federation.
With retailers projecting a whopping $989 billion in holiday sales, according to data from the National Federation of Retailers, it’s clear that Black Friday,
whether online or in-store, continues to hold a powerful allure for American shoppers. From its ominous beginnings to its evolution into a retail phenomenon, Black Friday remains a curious testament to both Americans’ love affair with a good deal and their enduring consumer spirit.
Let me know if I can provide more assistance.
2024-11-29 15:07:00
#Anticipation #profits #close #trillion #dollars. #story #Black #Friday #America
## From Wall Street Crash to Shopping Spree: The Enigma of Black Friday
**An Expert interview with Dr. Emily Carter, Retail Historian and Author of *Consuming America: A History of Shopping* **
**World Today News:** Black Friday, the post-Thanksgiving shopping frenzy that marks the unofficial start of the holiday season, has a history as colorful as the deals it offers. While today it’s synonymous with doorbuster discounts and online bargains, its origins are surprisingly nuanced. Dr. Emily Carter, renowned retail historian and author of *Consuming America: A History of Shopping,* joins us to shed light on the evolution of this retail phenomenon.
**Dr. Carter,** thank you for joining us.
**Dr. Carter:** It’s my pleasure to be here.
**World Today News:** Let’s start with the basics. How did Black Friday get its name?
**Dr. Carter:** The term “Black Friday” initially had a negative connotation. It’s believed to have originated in Philadelphia in the 1950s,referring to the massive influx of shoppers and tourists the day after Thanksgiving,leading to traffic jams and chaos.
**World Today News:** So, it wasn’t always about shopping deals?
**Dr.carter:** Not initially. It was more about the sheer volume of people and the logistical challenges it posed for the city.
**World Today News:** When and how did the association with discounts and shopping emerge?
**Dr.Carter:** The shift began in the 1980s, as retailers recognized the potential of this post-Thanksgiving weekend. They started offering deep discounts and promotions to attract customers, co-opting the negative connotation of “Black Friday” and turning it into a shopping extravaganza.
**World Today News:** it’s interesting how marketing can reframe something often seen as undesirable. Did the 1987 stock market crash, also coincidentally occurring on a Friday, play any role in the name’s evolution?
**Dr. Carter:** While the timing might seem coincidental, most historical accounts attribute the link to retail rather than financial market events. The association with shopping deals and consumerism solidified through the 1990s and early 2000s, fueled by media hype and the rise of online shopping.
**World Today News:** black Friday has certainly become a global phenomenon. What are some of the cultural variations and responses to it around the world?
**Dr.Carter:** While the US remains the epicenter, Black Friday has spread to many countries, frequently enough adapted to local contexts. in some countries, like the UK, they have “Black friday week” instead of just one day. While some embrace the deals and excitement, others criticize the consumerism and its environmental impact.
**World Today News:** Looking forward, how do you see Black Friday evolving in the coming years?
**Dr. Carter:** We might see a further shift towards online shopping, with less emphasis on physical store crowds. Sustainability concerns might also lead to more conscious consumerism and a focus on ethical Black Friday deals.
**World Today News:** Dr. Carter,thank you for this insightful look at the history and evolution of Black Friday.
**Dr. Carter:** My pleasure.It’s a fascinating testament to the power of consumer culture and its constant metamorphosis.
