Black Friday is the day after Thanksgiving, which is November 24, 2023, and it’s a big deal for retailers across the country. It’s the start of the holiday shopping season, and retailers have been planning their Black Friday deals for years. They’re a strategic way to get rid of overstocked inventory, and they’re also a great way to get customers to buy higher-margin products.
The beauty of Black Friday is that it’s full of exclusive deals, especially on high-priced products like TVs, smart devices and electronics. These deals draw customers in, and once they’re inside, they’ll keep coming back for more. That’s why retailers spend an entire year planning their Black Friday ads and making sure they’re ready for the big day. They also make sure their Black Friday ads don’t get leaked prematurely.
Unfortunately, the hunt for limited supplies of high-demand items has sometimes led to chaos. Black Friday events have seen incidents of violence and injuries due to inadequate security measures. For example, in 1983, shoppers across the United States were seen fighting over Cabbage Patch Kids, the year’s most sought-after toy, which was believed to be in low supply. In 2008, a worker tragically lost his life on Black Friday when a crowd of eager shoppers stormed into a large-box store just as it opened, resulting in a fatal trampling.
But Black Friday remains an important day for retailers and consumers. It is more than just a day of discounts. It is a cultural phenomenon that exposes the consumerist impulses of society and the strategies of businesses that seek to capitalize on this shopping spree.
As Black Friday draws near each year, it’s important to consider the multifaceted importance of this day. It is a day with historical roots, cultural ramifications, and sober reminders of the extremes that can be reached when it comes to consumer goods.
The assessment of Black Friday figures holds varying weight among investors and stock analysts in evaluating the broader health of the retail industry. While some perceive Black Friday as an indicator of the fourth-quarter performance of stock markets, others dismiss its predictive value, attributing only short-term impacts.
In broader terms, the stock market tends to experience fluctuations around holidays like Thanksgiving and Christmas. There are often heightened trading and increased returns observed just before holidays or extended weekends, commonly known as the holiday effect or the weekend effect. Traders often aim to leverage these seasonal trends for potential gains.
Things to keep in mind for Black Friday.
- Plan Ahead: Research deals and create a shopping list in advance to focus on the items you need most.
- Set a Budget: Determine how much you’re willing to spend to avoid overspending during the sales frenzy.
- Compare Prices: Look for price comparisons across different retailers to ensure you’re getting the best deals.
- Online vs. In-Store: Decide whether you prefer shopping online or in-store and be aware of the pros and cons of each option.
- Timing Matters: Some deals might be time-sensitive or have limited availability, so consider shopping early or checking for pre-sales.
- Be Mindful of Scams: Watch out for phishing emails, fake ads, and scams that might appear more prevalent during this time.
- Read Return Policies: Understand the return and exchange policies of stores to avoid complications after purchase.
- Stay Safe: Whether shopping in-store or online, prioritize your safety, protect personal information, and follow secure payment practices.
- Consider Alternatives: Black Friday isn’t the only shopping day. Look out for other sales events like Cyber Monday or Small Business Saturday.
- Remember the Purpose: Enjoy the shopping experience, but remember the essence of the holiday season beyond material purchases.
After saving on Black Friday, gear up for Cyber Monday, a marketing term created by online retailers to encourage online shopping, held on the Monday after Black Friday.
