It does not have American greed, chaos, and speculation. The first Black Friday was on Sep. 24, 1869. It happened right after the Civil War and the American economy was in chaos. cyber monday deals black friday.
Fisk and Gould hoarded all of the nation’s gold, driving up the price and making huge profits. It was as if only two people owned all of America’s toilet paper supplies when COVID was first introduced. They also charged very high prices.
They also had a tussle with President Grant’s brother in law, who used their political connections to stop the government from releasing any gold into the market.
But, President Grant made a change of heart in September 1869. He introduced millions of dollars worth of gold into circulation, which caused the gold price to plummet.
Gould and Fisk failed to succeed, and Wall Street financiers suffered millions of dollars due to the fall in gold prices. This day became known as “Black Friday”.
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How Black Friday Came To Be
Philadelphia was the next place Black Friday was popularised. Philadelphia was a sports lover even in the 1950s.
Shoppers flocked to the city ahead of Saturday’s Army-Navy football match. Some of these shoppers even broke into shops and stole merchandise. History.com reports that Philadelphia police had to work extra shifts in order to handle the massive crowds. They were called “Black Friday” by History.com.
The term has taken on new meanings over the years for retailers.
“Black Friday” refers to the goal of retailers to end the year in the black and with strong profits, rather than in the red. Angeli Gianchandani is a Practitioner in Residence in Brand Marketing at University New Haven’s Pompea College of Business.
The time between Thanksgiving Day and Christmas is synonymous with shopping and heavy spending. This was even true during Franklin Delano Roosevelt’s presidency in the Great Depression.
Bruce Forbes, author of “America’s Favorite holidays: Candid Histories”, explains that Thanksgiving was the first year he was president. Although it was not called Black Friday at the time, Christmas shopping began on Friday after Thanksgiving.
Black Friday shoppers are spending their money (or rather, using their phones to do it) almost exclusively with their smartphones. According to Salesforce in 2019, digital and mobile sales increased 17 percent, reaching $4.1 billion. You don’t have to get up at 5 AM to find a deal when you can just swipe on your smartphone. Amazon was the brand that won the most online visitors, with Walmart closely behind. In recent years, the “most talked about brands” were Apple, Nintendo, and PlayStation. retail dive reports, and discounts averaged between 37 to 47 percent.
Is there more to Black Friday’s history? Is it more than consumerism, Smart TVs and Apple Airproofs at 20% off? Although Black Friday is associated with major box stores such as Walmart, Best Buy and Kohl’s, there have been myths about its origins for many years. Learn when Black Friday falls in your area, the history of it, why it was named Black Friday and more!
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Forbes reports that FDR was force to move Thanksgiving from the last Thursday of the month to the next Thursday after a few difficult winters towards the end of the Great Depression. This was for the sole economic purpose of expanding the Christmas shopping season.
FDR’s original goals may realis with the growth of online shopping. This has been make possible by the pandemic.
A gianchandani says that Black Friday will soon be replaced by “Black November”, as retailers seek to capitalize on the entire month of November, and start advertising earlier every year.
Gianchandani claims that Black Friday is losing its relevance and changing over time.
He says that Amazon and other large online retailers like it can generate shopping demand even during the middle of the year through events such as Prime Day. Stores can reach customers quickly and easily with more advanced marketing tools, no matter what time it is Black Friday.
Over the years, Black Friday has gone through many transformations. It was once a speculative gold plan to a Philadelphia stampede and then it became a retail boon. Black Friday could be redefining itself as shopping technology improves.
