Black Friday: A brief history and little known facts

Black Friday kicks off the holiday shopping season, but the origins of the retail event are arguably shrouded in some mystery.

While competing myths may have left some shoppers scratching their heads, the general consensus is that Black Friday got its start in Pennsylvania in the 20th century.

"Many people think that ‘Black Friday’ comes from the idea that it’s a highly profitable day for retailers, one where they’re getting ‘out of the red’ and ‘into the black,’" said Jay Myers, the Canada-based co-founder and vice president of growth at Bold Commerce.

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"The term didn’t actually originate from retailers," he added. "Philadelphia police officers first used the term ‘Black Friday’ in the 1960s to describe the day after Thanksgiving, when a flurry of tourists came into the city to shop, causing traffic jams and accidents."

1. The first recorded 'Black Friday': The first time the term "Black Friday" was used on a national level came in September 1869. But, it wasn’t in reference to holiday shopping, according to Encyclopedia Britannica.

History records show the term was used to describe American Wall Street financiers Jay Gould and Jim Fisk, who bought up a significant portion of the nation’s gold to drive up the price. The pair weren’t able to re-sell the gold at the inflated profit margins they planned for and their business venture got unveiled on Sept. 24, 1869.

"The scheme ultimately came to light on that Friday in September, throwing the stock market into rapid decline and bankrupting everybody from Wall Street millionaires to poor citizens," said Lyle David Solomon, a bankruptcy attorney at Oak View Law Group in California. "The stock market plummeted by 20%, and foreign trading ceased. The value of wheat and corn harvests dropped by half for peasants."

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2. Black Friday is celebrated in other countries: America isn’t the only country that celebrates Black Friday. Fourteen countries reportedly observe the annual holiday shopping event, according to Baruch Labunski – the CEO at Rank Secure, a digital analytics and SEO marketing firm.

The countries that observe Black Friday include Canada, the U.K., South Africa, Ireland, Germany, Italy, Sweden, Belgium, Luxembourg, the Netherlands, Brazil, Mexico, Australia and New Zealand.

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3. Black Friday sale events have extended: For more than 60 years, Black Friday has been one of the busiest days for retail stores and holiday shoppers. The event has gotten longer with early or extended Black Friday doorbusters that customers can take advantage of in stores and online.

"Today, Black Friday has turned into more than a month-long event, with retailers looking at it as a huge customer acquisition event," said Myers.

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Retail stores have followed up Black Friday sales with Cyber Monday and Cyber Week events where shoppers can make holiday purchases exclusively online.

4. Shoppers will wait 30 minutes in Black Friday lines: Over the years, the patience of shoppers has decreased when it comes to waiting in line for hot deals on Black Friday.

A recent survey by Drive Research has shown that 45% of people will stand in line for only 30 minutes or less before exiting, the market research company reported. The survey also noted that only 26% of shoppers will wait up to one hour and 11% of Black Friday deal hunters will withstand a line for two hours or more.

5. Biggest shopping day of the year: While there may be some debate, Black Friday is officially the biggest shopping day of the year for retailers.

Black Friday (Nov. 24), followed Super Saturday (Dec. 23) and then the third Saturday in Dec (Dec. 16), are the busiest shopping days of the season, according to Sensormatic Solutions, a retail data company headquartered in Boca Raton, Florida.

This year, an estimated 182 million people are planning on taking part in Thanksgiving Day shopping, Black Friday deals and Cyber Monday hits, both in person and online, according to the National Redtail Federation (NRF).

"This figure is 15.7 million more people than last year and is the highest estimate since NRF began tracking this data in 2017," the retail trade association stated.

6. Black Friday budgets have increased: Holiday budgets starting with Black Friday shopping will set a new time record this year, with shoppers spending an average of $875.

"People say they plan to allocate a bit more to gifts this year, and about the same amount to decorations, candy and snacks," NPR reported.

In the past year, holiday shopping has increased "between 3% and 4% over 2022 to between $957.3 billion and $966.6 billion," the NRF reported in a recent survey.

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