Black Friday 2024 falls on November 29, and Thanksgiving falls on November 28. This major shopping event in the United States starts the holiday shopping period. It is meant to attract people with massive discounts on retail goods during this time of the year.
Significance of Black Friday
Black Friday has become one of the year’s busiest shopping days. This day is typically associated with large discounts from retailers, resulting in high consumer spending. The day is crucial for retailers as it can significantly impact their annual sales figures, often accounting for nearly one-fifth of their total sales.
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Why Is It Celebrated?
According to Britannica, the term “Black Friday” originated in the early 1960s, primarily in Philadelphia, where it was used to describe chaotic crowds and heavy traffic flooding the city as shoppers streamed into stores following Thanksgiving. Initially, it had a negative connotation because it was a challenging day for law enforcement. However, over the years, retailers re-defined the term to reflect a positive outcome: moving “into the black,” which in accountancy terms means profitability in terms of businesses wanting to increase their sales figures within this critical period.
Cultural Importance
Black Friday has become an event that is beyond a day of shopping. Now, it is a social event, where friends and their families go out to do their shopping. The term is synonymous with consumerism, which is something to kick off the beginning of holiday celebrations. The event has gained popularity worldwide in recent years, and even countries that do not celebrate Thanksgiving are now adopting such strategies.
Cultural Importance
Black Friday has become an event that is beyond a day of shopping. Now, it is a social event, where friends and their families go out to do their shopping. The term is synonymous with consumerism, which is something to kick off the beginning of holiday celebrations. Within the last few years, the event has gained popularity worldwide, so even countries that do not have Thanksgiving are now using such strategies.
Black Friday used to be a Western trend, but it is becoming a global phenomenon now. India has also joined the bandwagon to capitalize on this opportunity and has given abundant discounts on products from diverse segments. Fortunately, it is offering deals in electronics as well.
Shopping Trends and Deals
Sales will be cut across the following major categories: electronics, clothing, toys, and household items. This will mostly be the electronics area. Discounts on electronic items like TVs and computers are expected to range between 30 percent and 50 percent. Some shops will sell over Cyber Monday to make it “Cyber Week,” and online buying goes on throughout the week.
Black Friday 2024 shall be a major event in retail calendars, with deep cuts and a focus on great in-store and online experiences.
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