Black Friday: The Global Shopping Frenzy – How It Started and Why It May Not Always Be a Good Deal
Islamabad:Black Friday, one of the busiest shopping days of the year, falls on the fourth Friday of November, right before Thanksgiving in the United States. It has evolved from a local American tradition into a global shopping event that draws millions of shoppers worldwide. On November 29, 2024, people across the globe will flood their mobile phones and email inboxes with discount offers, but is it truly the best time to spend money?
**How Did Black Friday Begin?**
The term “Black Friday” originally had no connection to shopping. It first emerged during the 1869 financial crisis, which was caused by falling gold prices. In the mid-20th century, the term was also used to describe the absenteeism of American workers after the holiday season. Additionally, the police in Philadelphia coined the term “Black Friday” to describe the chaotic crowds of shoppers flooding the streets.
However, it was during the 1980s that retailers began using the term positively, turning it into the massive shopping event we know today. They introduced deep discounts to attract buyers, marking the beginning of a tradition that soon spread across the United States. Over time, Black Friday became a global phenomenon, influencing shopping trends worldwide.
**Black Friday’s Global Reach**
According to research by the American software company Salesforce, shoppers spent a staggering **$70.9 billion** globally during Black Friday 2023, which was an 8% increase from 2022. The UK saw its first significant Black Friday sale in 2010, although this event started to compete with the country’s traditional post-Christmas shopping event, Boxing Day.
**Are the Deals Really That Good?**
While Black Friday promises massive savings, the actual discounts may not always be as significant as they seem. A study conducted by a consumer group in the UK in 2022 found that only **1 in 7 deals** during Black Friday offered a real discount. Most of the items in the sale were either priced the same as before or slightly cheaper than they were over the last six months.
So, while the frenzy of Black Friday is undeniable, it may not always be the best time to make purchases, as many shoppers might find that the deals are not as good as they appear. Retailers and consumers alike should approach the event with caution, keeping in mind that the perceived savings may not always translate into true bargains.
