New York City, known for its bustling streets and iconic landmarks, is about to enter the holiday season with a bang. The much-awaited Black Friday, which marks the start of the post-Thanksgiving retail rush, is just around the corner. While this annual sales event has evolved over the years, it continues to be a major shopping event for millions of Americans.
Gone are the days of midnight mall crowds and doorbuster mayhem, as the ease of online shopping and the habits formed during the COVID-19 pandemic have changed the way we shop. However, retailers are still hoping to entice consumers with early offers and advertisements. It is estimated that a whopping 183.4 million people will shop in stores and online between Thanksgiving and Cyber Monday, with 131.7 million expected to shop on Black Friday itself.
But when exactly is Black Friday in 2024? This year, it falls on November 29, the Friday after Thanksgiving. The term “Black Friday” has been around for several generations, but it wasn’t always associated with the holiday retail frenzy that we know today. In fact, it was originally used to describe the gold market crash of September 1869. However, its connection to shopping on the day after Thanksgiving can be traced back to Philadelphia in the mid-20th century, when large crowds would gather for the annual Army-Navy football game and to take advantage of seasonal sales.
Over the years, Black Friday has evolved into a major shopping event, with people camping out at midnight and enduring long lines in hopes of scoring the best deals. However, the rise of online shopping has made it possible to make most, if not all, holiday purchases without ever leaving the comfort of our homes. And while foot traffic at malls and shopping areas has bounced back since the start of the pandemic, e-commerce is here to stay.
In fact, online sales now make up a significant portion of holiday spending, with e-commerce accounting for about 17.1% of all nonadjusted retail sales in the fourth quarter of last year. This is a significant increase from just 1.7% in 2003. Additionally, the prices of big-ticket items like TVs, which used to attract shoppers to physical stores on Black Friday, have significantly decreased over the years. This has led to a decrease in the need for people to stand in line at midnight, as these items are now much more affordable.
While online shopping has become a popular option for many, projections from the National Retail Federation and Prosper Insights show that a majority of Black Friday shoppers (65%) still plan to shop in stores this year. However, the traditional 24-hour Black Friday sales event has now turned into a month-long affair, with retailers bombarding customers with emails and offers starting as early as Halloween. This has led to the term “Black Friday month” and even “Black Friday week” being used by retailers to attract customers.
This trend can be attributed to retailers trying to get a head start on the competition and manage shipping logistics. By offering early holiday deals, retailers are able to spread out purchases and give shippers more time to complete orders. This also helps to alleviate the strain caused by the five fewer days between Thanksgiving and Christmas this year. Additionally, linking pre-Thanksgiving sales with Black Friday is a clever marketing technique, as the name is already associated with big, limited-time bargains.
But the shopping frenzy doesn’t end on Black Friday. Multiple post-Thanksgiving sales events, such as Small Business Saturday and Cyber Monday, keep shoppers enticed even after the main event. Cyber Monday, which was designated by the National Retail Federation’s online arm in 2005, has become a major online shopping event, with consumers spending a record-breaking $12.4 billion last year. On Black Friday, they spent $9.8 billion online, according to Adobe Analytics.
While the significance of Black Friday may be slightly diminished over time, it still remains an important day for retailers. The social aspect of shopping in person after Thanksgiving is something that cannot be replicated online, ensuring that Black Friday will continue to be a significant shopping event. So whether you choose to shop in stores or online, Black Friday is a great opportunity to connect with others and find amazing deals.
In conclusion, the holiday shopping season is about to reach full speed with Black Friday in New York City. While the event has evolved over the years, it continues to be a major shopping event for millions of
