Black Friday, also known as Black Friday, is the unofficial name of the day after Thanksgiving in the US. It is essentially about the fourth Friday of November, which is usually from the 24th to the 30th of November. In the country, it is also considered as the opening day for the Christmas holiday season.
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What happens on Black Friday
Most major retailers open very early, in recent years even past midnight, and offer great deals.
Black Friday is not an official holiday in the US, however some States observe the “Day after Thanksgiving” holiday for local employees.
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Turnover on Black Friday in the US
Black Friday has been the biggest sales day of the year in the US since 2005. Of course, the media tends to portray the situation as a day dominated by shopping frenzy and inventory shortages, creating a vicious demand feedback loop situation.
Stores in the US are now extending their deals throughout the months of November and December, rather than just focusing on that day, or the weekend that follows.
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How the use of the term Black Friday began
It is believed that the use of the term “Black Friday” began in Philadelphia around 1961, but for a completely different reason. Originally, people used it to describe the lines of cars and the heavy traffic jams created the day after Thanksgiving.
More than 20 years later, the use of the term began to be intertwined with its current interpretation. In particular, the phrase became popular with the explanation that on that day of the year, the retail trade begins to make a profit. This means from “red” (: red) goes to “black” (: black). As, days with a negative balance of sales were marked with red ink and days with a positive balance were marked with black.
The first time the term Black Friday was used was on September 24, 1869 to describe one of the worst days of the American stock market.
The story
The two responsible for the financial scandal that caused and drove dozens of companies into bankruptcy were two speculators: Jay Gould and James Fisk, owners of the Errie Railroad. The millionaires tried to buy as much gold as they could to raise its price and then sell it for an astronomical amount.
However, the scam was revealed and the price of gold fell. The result of the fraud was a drop in the price of the precious metal by 30 points and a market crash.
Thousands of investors were financially ruined and at least one committed suicide. The economy suffered enormous damage.
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The “black” points of Black Friday
Black Friday may be seen as a good shopping opportunity, but there have also been reports of violence between shoppers on the day.
Since 2006 in the US, 7 deaths and 98 injuries have been reported statewide.
It is quite common for citizens to wait outside the stores from the evening hours of Thanksgiving Day in order to have priority when they open. These practices sometimes lead to the occupation of the emergency lanes, but also to the use of propane and generators in more sophisticated cases. All of this poses a significant risk to public safety. In fact, some regions were forced to ban this tactic.
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How did Black Friday come to Greece?
Already at the beginning of the 21st century, there have been significant efforts to make Black Friday “go” beyond the borders of the USA.
In Greece, the practice first started in 2015. From 2016 onwards, more and more companies started to apply it.
Of course, the truth is that the department store “MINION” had pioneered it since the 1960s. Back then, however, they promoted it as a “Week of Offers” or “Sale”. Photos from the time show a crowd of consumers queuing outside the department store.
When is Black Friday this year?
Black Friday, therefore, has been established to be celebrated every last Friday of November. So, like every year, businesses are preparing for their sales, which will be officially announced on November 29 for 2024.
While a few days later, Cyber Monday will follow. Just three days later, on December 2, consumers will be able to buy various products online on sale. This is done in an effort to increase business sales online.
How to shop safely on Black Friday
The General Secretariat of Trade and Consumer Protection of the Ministry of Development and Investments announces the Black Friday ten list for safe shopping.
Be wary of would-be scammers and fraudulent practices
Black Friday is also an opportunity for scammers who take advantage of consumers’ desire for many good offers. So even if you come across terms like “cheap”, “offer” etc., don’t assume that this is really a good deal. Experience has shown that where prices are particularly low or even significantly lower than usual, the goods may be counterfeit or defective. Do your research some time before you make your purchases so that you are able to spot the fake offers.
Read the terms of use in online stores and ask about guarantees in physical stores
While large chain stores often update their return policy for the benefit of the consumer, smaller businesses may show less flexibility. Carefully read the terms of use of the online store before making a purchase or ask about the store’s policy, when it is a physical store, in case of returning the goods.
Watch out for impulse buying behavior before you make a transaction
Do you really need the product you saw in the window or in the e-shop? Does the final amount of your purchases divert your budget? Black Friday causes such excitement among consumers that many times they make purchases that are not really necessary for fear that they may not be able to take advantage of the offers! Remember that despite the attractive offers that stores may promise in the run-up to Black Friday, as we move into the Christmas holiday season, the market will once again restock with new discounts and new goods!
Beware of unknown or new online businesses
The best deals are not always provided by the big online businesses. Even small online businesses can offer significant shopping opportunities, but in the case of a new or unknown business, you should be especially careful not to lose money. If you find that critical information to identify the identity of the online business is missing such as the company name, postal address, contact numbers, email address and VAT number, it is better to avoid making a purchase until you cross the credibility of the business by first investigating its online reputation.
Beware of misleading offers
Even if you buy from a website you trust, it is important to check all the details regarding your transaction: the price, warranty, transport costs, availability or delivery time, may be some of the important information that you will determine your final choice. Many times, however, pop-up banners may appear with offers unrelated to those provided by the supplier company, from websites that ask you to enter your bank account details or your codes to complete the transaction. In these cases, contact both the company and your bank and confirm the authenticity of the content of these messages. We should avoid offers that appear in pop-up windows if they come from unknown websites.
Be very careful when providing sensitive personal information
In cases where you intend to use a credit or debit card, carefully review the terms and conditions and emails related to your transaction. You should also not proceed with a transaction if you are asked to install software to obtain an offer.
Don’t be swayed by unusually low prices or offers
Check brochures, social media promotions and store newsletters for the prices of the products you are interested in. Gather several days before Black Friday so that you have a yardstick for the final price offered and to be able to ascertain that you got a really good buying opportunity.
Coupons and giftcards
When you have discount coupons or giftcards, confirm if the products you want are available on Black Friday or if the companies you are interested in accept these coupons and are not excluded from the offers.
Check the security policy in online transactions
If you plan to go shopping online, prefer to use your personal devices that have an antivirus and firewall installed. When entering your transaction details, make sure encryption is in place. You can recognize this if you notice the closed lock icon in the top left of the website address and if the address starts with “https://”.
Agree on the delivery date of the product
In the event that the business does not deliver the product on time, remember that debit or credit card transactions offer substantial safeguards for consumers in case of cancellation of the transaction. Conversely, payment by deposit into the supplier’s bank account should be avoided.
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