Why we have Black Friday, Small Business Saturday and Cyber ​​Monday

The History Of Holiday Shopping 11 24 Fsg

ALBANI, NY (NEWS10Once upon a time, there was a group of overzealous crowds who came to Philadelphia every year to shop and sightsee in the days after Thanksgiving. More than 70 years later, the phenomenon known as Black Friday is drawing crowds all over the US

Every year around Thanksgiving, stores start to advertise Black Friday and Cyber ​​Monday sales. Local governments and organizations encourage people to shop locally for Small Business Saturday. These special shopping days have been around for as long as some people can remember. But there was a time when they didn’t and a time when Black Friday was the only shopping day after Thanksgiving with an official name.

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Huge crowds, similar to those of Black Friday in recent years, is how Black Friday came to be known in the modern age. It also paved the way for Small Business Saturday and Cyber ​​Monday.

Prior to an Army and Navy football game in Philadelphia on the Saturday after Thanksgiving in the 1950s, there is said to be a massive turnout of shoppers and tourists to the city. Local law enforcement officials called that Friday “Black Friday,” according to history.com and Business Insider.

The Philadelphia Police Department was not allowed to have the Friday after Thanksgiving and worked longer hours to deal with the large crowds causing congestion and traffic problems. In addition, shoplifters would take advantage of the large crowds and keep the police on their toes. In 1961, Philadelphia retailers tried to change the name to “Big Friday,” but Black Friday stuck.

“The term didn’t become national until the late 1980s, but the definition changed,” he said Reader’s Digest. “While retailers suffered financial losses for most of the year, the wave of holiday shoppers marked the first day of real gains. In traditional accounting practices, losses were recorded in red ink and profits in black ink. And so the day after Thanksgiving, when companies “go into the black” and make a profit, became Black Friday.”

Black Friday sales in 2018 totaled $6.02 billion, just over $3 billion less than Cyber ​​Monday, according to Forbes. Unfortunately, Black Friday has also become synonymous with violence. In 2018, New York was ranked number 18 on Reviews.org’s list of States Most Likely to Have Black Friday Violence.

Small Business Saturday

Small Business Saturday was the last shopping holiday to come about, but it puts billions of dollars in the hands of small businesses every year. Pre-pandemic in 2019, the National Federation of Independent Companies estimates that $19.6 billion was spent on Small Business Saturday in small restaurants and retail stores.

In 2010 American Express created Small Business Saturday to encourage shoppers to visit local independent businesses to do their holiday shopping during the recession, according to the US Chamber of Commerce. The following year Small Business Saturday officially recognized by the United States Senate.

Financial recovery after 2020 has been an ongoing and painful process for businesses, but especially for small businesses, many of which rely on foot traffic in their stores and restaurants. Local organizations and governments hope that Small Business Saturday will draw people to popular boroughs such as Pittsfield, Saratoga and Troy.

“More than ever, it’s critical to shop locally. After watching online sales, Monday already spoke this holiday season,” said Geoff Brault, executive director of Downtown Troy Business Improvement District. “Shopping locally means no supply chain issues and you don’t have to worry about getting your gift through the mail on time. It also means that you are not only gifting a quality item, but also a story and experience that your friends and family will cherish for years to come.”

Cyber ​​Monday

After several years of seeing online sales peak the Monday after Thanksgiving, Ellen Davis, Senior Vice President of Research and Strategic Initiatives at the National Retail Federation (NRF), coined the term in 2005. Reader’s Digest. They said the NRF suspected this was because people were placing orders for their work online, out of the sight of their family and friends. They also suspected it was to take advantage of faster internet speeds on corporate computers.

The year Cyber ​​Monday was essentially born, it made $484 million dollars, according to ComScore. Since its inception, Cyber ​​Monday has grown by leaps and bounds. in 2019, Forbes said Cyber ​​Monday brought in $9.4 billion, making it more profitable than Black Friday that year.

Although it was touted by retailers as the “Biggest Online Shopping Day of the Year,” it wasn’t until nine years after its birth that Cyber ​​Monday really started to live up to the hoopla, according to Readers’ Digest. “Over time, online spend-tracking companies started claiming it was primarily a marketing gimmick and wouldn’t break records, as digital promotions rarely fell on the same day,” they said.

They said 2014 was the year Cyber ​​Monday kicked off. “That year, Cyber ​​Monday became the largest online shopping day in the country, with sales exceeding $2 billion. And since then, the bar has been raised every year.”

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