Online shopping is one of the most trending things in this modern age, but the most eye-catching shopping season is black Friday. Now, a day’s people do not want to waste their time going into the markets and spending hours shopping, so that’s why many people prefer online shopping. And they are always looking to have black Friday deals so that they can avail themselves of the offers and save their money. We are going to discuss the black Friday shopping season with you, so keep reading till the end to consume all the details. Let’s directly dive into it!
What is Black Friday?
Black Friday is the day just after Thanksgiving in the USA. It is also called the Christmas shopping season in the United States. Most online shopping stores provide huge discounts and offers to promote sales. It is the best time for retailers to earn profit by offering steep discounts on variant products. In the UK, it refers to the Friday before Thanksgiving, which is when the security forces and NHS emergency services have to be more alert due to the festive celebrations. However, since 2014 the black Friday term is more linked with the highly shopping event.
During Black Friday, the retailers and shoppers both made a profit. Most people have a query that when is black Friday in 2022? The black Friday is on November 25 in 2022.
When Is Black Friday?
Black Friday comes after Thanksgiving or Christmas. In 2022, Black Friday takes place on Nov. 25. Most people want to know why is it called black Friday? Back in the 1950s, police in the city of Philadelphia said that the disorganization happened on the day after Christmas, when the crowd of suburban buyers and some tourists flooded the city before the big Army-Navy football game held on that Saturday every year. This is one of the reasons that it got the name of black Friday.
Key Takeaways of Black Friday:
- There is no holiday on Black Friday, but it falls on the date just after Thanksgiving. A lot of people spend their time searching for discounts from online shopping stores.
- It is the best day for retailers, as they can earn more than 20% of annual sales. That’s why they offer a lot of discounts to attract more customers.
- Some Other financial “holidays” also come up around this time, such as Small Business Saturday, Cyber Monday, and Giving Tuesday.
The Working Procedure of Black Friday:
Black Friday is the most important holiday shopping season. Thus, many retailers offer discounts to avail themselves of more revenue. From 2017 to 2021, the holiday season amounted to about 19% of annual sales for many retailers, according to the NRF. Most retailers start their offers early Friday morning, and the shopping continues through the weekend. In 2021, for example, buyers have spent more than $301.27 at the time of Thanksgiving and Cyber Monday.
The best Black Friday deals do not usually start on the day of black Friday, but it starts earlier than that as Amazon, offers sales earlier, and many other stores also do. Now, the different retailers have a lot of new ideas and tricks to get more profit and earn more dollars.
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NRF Estimation on Black Friday:
The National Retail Federation (c) estimated 179.8 million unique buyers made in-store and online purchases during the 2021 Thanksgiving weekend, exceeding NRF’s initial expectations by more than 21 million. Spending money on black Friday is again going to be huge this year, despite inflation, according to the NRF. They forecast that all holiday spending will be up 6% to 8% over last year. The NRF found that 46% of holiday buyers start their shopping before November.
According to the NRF, the most popular toys to buy in 2022 are LEGO, Barbie, cars, trucks, and dolls. As buyers indicated that they are going to buy these gifts for their loved ones. The NRF predicts that buyers planned to buy three to four gift cards, spending an average of $147 to $196, with total sales of around $28.1 billion in 2021.
Importance of Black Friday for Economists:
The money spent by the buyers on Black Friday is the measure of the economy overall. It provides economists with a way to scale the buyer’s confidence and voluntary spending. It’s common for retailers to offer different discounts online and in stores on black Friday. Many open their stores during the pre-dawn hours to attract more customers on black Friday to earn more profit, some retailers start their offers in November, and some open their stores on the day of thanksgiving. The phrase “Black Friday” is a sign of a positive boost in retail sales.
Black Friday was described as the most profitable day of the year and the biggest shopping day in the USA. Most investors said that black Friday is the easy way to gauge the total health of the entire retail industry. It is the time when the retailers earn more than the full-year sales. That’s why it is suggested to every retailer offer attractive discounts to customers so that they can make more and more sales in this short time.
However, in general, the stock market is also affected due to the holidays of Thanksgiving or Christmas. The holiday effect or the weekend effect tends to enhance trading activities and more sales. Many traders have planned to get more sales at this time.
We have shared crucial details about black Friday and its benefits for retailers and shoppers. As this is the time of black Friday, you should visit online shopping stores to avail yourself of the discounts and save your money. Did you ever shop during black Friday? If yes, then what was your experience. Share with us in the comment box below.