The day after Thanksgiving, the fourth Friday of November, is known as Black Friday. It is most notably observed in the United States, but it has expanded to other parts of the world over time. The holiday season, also known as the shopping season, begins on this day. While holiday gift-giving dates back generations, the holiday shopping season is a product of twentieth-century consumer society. On Black Friday, to promote sales, businesses give high discounts on products to customers. Many stores open as early as midnight or even earlier on Thanksgiving itself. Despite the fact that Black Friday is not an official holiday in the United States, some states have declared it a holiday for government employees. Black Friday deals have traditionally lasted into the weekend following the holiday. However, in recent years, this practise has mostly vanished, possibly as a result of retailers’ efforts to generate a greater sense of urgency.
● Why is it called Black Friday?
The day after Thanksgiving is typically one of the most profitable days of the year due to increased sales as a result of big discounts offered by shops. In their books, accountants utilize black entries to represent profit and red entries to show losses. Brands observe a lot of positive earnings on this day, which results in black entries. It is believed that this is why the day became known as Black Friday.
● When Is Black Friday 2021?
Black Friday 2021 falls on November 26th. However, retailers tend to start running promotions early.
● When Does Black Friday Start?
Certain brands start their Black Friday sales by 12 a.m on Friday. You can still browse the selection of sales prior to this. Retailers used to open around 6 a.m. for many years, but in the late 2000s, many began opening at 4 a.m. or 5 a.m. In the early 2010s, retailers extended their hours beyond typical business hours in order to maintain a competitive advantage or just keep up with the competition.
● When Does Black Friday 2021 End?
Although Black Friday is supposed to end at 11.59 p.m on November 26th, most deals and sales continue over that weekend, while some extend even till December. What Products are on Sale on Black Friday? On Black Friday, you can get discounts on almost anything you can think of. TVs, computers, smart home gadgets, apparel, shoes, beauty, kitchenware, home goods, toys, and more are typically where you’ll find the biggest Black Friday discounts.
● WHY IS BLACK FRIDAY SO POPULAR?
For a variety of reasons, Black Friday is extremely popular for shopping. It is the unofficial start of the Christmas shopping season because it is the first day after the last big holiday before Christmas. Additionally, as part of the Thanksgiving holiday weekend, many organizations give their staff the day off. To take advantage of this, practically every retailer in the country, large and small, offers a variety of bargains.
● According to consumer studies, getting anything for less than you’re prepared to pay, or less than the standard price, is fulfilling. Even if it is something you don’t actually need, the deal’s value is really appealing. Because of marketing strategies, individuals perceive Black Friday deals to be better than they are. In actuality, sales occur throughout the year, and prices fluctuate over time.
● Fear of Missing Out: The fact that many Black Friday specials are advertised as “limited-time offers” adds to the excitement of the sales. Limited-time deals boost “anticipatory regret” — often known as “fear of missing out” or FOMO — which causes consumers to buy products they otherwise wouldn’t. Consumers are more likely to accept a limited-time offer since it feels less risky than trying to locate a better value elsewhere.
● Shopping momentum: “Shopping momentum” occurs when a purchase triggers a psychological response that prompts you to buy a second, unrelated item. Shopping is followed by further shopping. It’s how businesses lure you in with Black Friday prices — a lot of it is just a loss leader to get you within and buy high-margin things. Loss leaders are products that are sold at a discount to attract new customers, resulting in a “loss” for the store. You might go to a store you rarely visit in order to get a good deal on a smart TV, but while you’re there, you’ll feel driven to buy additional non-discounted things, such as fresh airpods or an iPhone.
● It is considered an escape: Many people go shopping after spending Thanksgiving with their loved ones merely to get away from the burden of the festival. Part of it stems from boredom and a desire for thrills. It could also be due to a desire to accumulate unique experiences.
HOW RELEVANT IS BLACK FRIDAY TODAY?
Surprisingly, the best Black Friday deals aren’t offered on Black Friday. Many businesses, like Amazon, are starting to offer deals earlier and earlier. Because the competition is so fierce this year, stores are coming up with novel ways to get your money.
The first significant challenge to Black Friday’s dominance came in the form of Cyber Monday. Cyber Monday, unlike Black Friday, refers to online sales. It has now surpassed Black Friday in terms of popularity. Cyber Monday has evolved into its own shopping festival. It has become the biggest online shopping day of the year, and it’s even crossed Black Friday in terms of total sales in some years. While Black Friday remains the busiest in terms of number of shoppers, Cyber Monday has become the busiest in terms of total sales.
The retail world of today is multichannel. Shoppers are more likely to purchase items from the comfort of their own homes using their cell phones or laptops rather than driving to the nearest mall to look for bargains in person. Innovative businesses are strengthening their e-commerce capabilities and enacting generous price-matching policies. Consumers can now select when, where, and how Black Friday takes place. Outside of the regular holiday shopping season, subscription services like Amazon Prime entice customers. This scenario provides merchants less motivation to spend in tentpole “event shopping” days, which are already seeing rising competition from online-only stores and nontraditional platforms. They deem it preferable to stretch the bargains out over several days.