The Black Friday is now regarded as the best time when it comes to shopping, especially in the United States. However, the History of this Sensational day goes back much earlier than you would think.
For a long period of time, the day after Thanksgiving was considered to be the start of the Christmas season in an informal manner. This was majorly because President Lincoln, in the 19th century, decided to designate the holidays for Thanksgivings as November’s last Thursday.
Black Day in American History: Boom and Bust
However, at that time, the day after Thanksgivings was not known as the famous Black Friday. This name previously used to describe the Black Day in American history when a boom-and-bust was created in the overall gold prices, and two corrupt businessmen by the name of James Fisk and Jay Gould caused the stock market to crash and gold prices to disrupt. This resulted in 50% plummeting of the overall commodity prices.
Massive Loss on FranksGiving!
With time, this transformed into a completely different concept in the times of President Franklin D. Roosevelt. When there was a delay in the announcement of Thanksgiving leading to another loss in the market because people had already made up their minds. This was known as the FranksGivings, which was a Sarcastic name given to the day when the retailers and sellers faced massive losses.
The Contemporary Black Friday and History of Massive Sales
Although Black Friday has a negative connotation to the name, however, recently it has left behind all the memories of loss and plummeting. It has now become a massive sensation for both sellers and the shoppers around the world. With business thriving and commodities being sold on a mammoth scale.
- In 2010, it was witnessed that because of this Black Friday, the overall sales increased by almost 5.2%. And the overall Black Friday sales crossed $46 Billion.
- Holiday sales rebounded 5.2% in 2010, once the recession was safely over. Black Friday weekend sales were $45 billion.
- In the year 2011, a large number of stores around the world opened on the evening of Thanksgiving for the first time. All of these sales were included in the overall Black Friday sales and they were estimated to cross over $12 billion, which was a massive hike up almost 2.3% from 2010.
- Recently, last year the Black Friday sales were the largest in magnitude than any other day in the entire year. They crossed billions of dollars in both the online platforms and the store sales as well. A large number of shoppers benefitted by the sales on the day and because the estimates have been so mind-baffling, the NRF has stopped giving estimates after 2013.