Origins, History and Evolution of Black Friday

Black Friday, a term synonymous with major retail sales and bustling shopping aisles, has a history that is both complex and often misunderstood. From its early association with a financial crisis to becoming a key date in the retail calendar, the evolution of Black Friday is a fascinating journey through American culture and commerce. This article delves into the origins, myths, and transformation of Black Friday, shedding light on how this day morphed from a term of chaos and crisis to one of profit and shopping frenzy.

The Historical Misconception

The term “Black Friday” is widely recognized today as a major retail sales day following Thanksgiving in the United States. However, its origins are often misunderstood. Contrary to popular belief, the first use of “Black Friday” was not related to holiday shopping but was tied to a significant financial crisis. On September 24, 1869, a catastrophic plunge in the U.S. gold market occurred, largely attributed to Jay Gould and Jim Fisk, two Wall Street financiers. These men had amassed large amounts of gold, aiming to inflate its price before selling for substantial profits. Their scheme’s collapse led to a market meltdown, impacting a broad spectrum of society, from affluent investors to ordinary farmers.

Retail Myth and Reality

In retail lore, Black Friday marks the point where stores, after being “in the red” (operating at a loss) all year, turn a profit or go “into the black.” This narrative suggests that the discounts offered on the day after Thanksgiving help retailers achieve profitability. While it’s true that businesses traditionally used red ink for losses and black for profits in their accounting, this explanation of Black Friday’s origins is more of a modern reinterpretation than a historical fact.

A Disturbing Falsehood

A more recent and disturbing myth incorrectly associates Black Friday with a supposed 19th-century practice where enslaved people were sold at a discount following Thanksgiving. This narrative, though deeply unsettling, is unfounded and lacks historical evidence. It has, understandably, led to calls for boycotting the retail event, despite its inaccuracy.

The True Beginnings in Philadelphia

The actual roots of Black Friday are traced back to the 1950s in Philadelphia. The term was used by the city’s police to describe the chaos that ensued on the day following Thanksgiving. This chaos was primarily due to the influx of shoppers and tourists in the city for the annual Army-Navy football game. The situation was so intense that police officers were required to work longer shifts and could not take the day off, dealing with increased traffic and a spike in shoplifting incidents.

The Shift in Perception

By 1961, the term “Black Friday” had become common in Philadelphia. Local merchants and city promoters attempted to change the name to “Big Friday” to shed its negative connotations, but this effort was unsuccessful. It wasn’t until the late 1980s that the term gained national prominence. Retailers rebranded Black Friday into a positive event, aligning it with the narrative of turning a profit, thus moving from “red to black.” This reinterpretation was successful, and the darker connotations associated with the term in Philadelphia gradually faded.

The Evolution of a Shopping Phenomenon

Since its rebranding, Black Friday has evolved from a single day of sales to a four-day retail event, extending to Cyber Monday and including Small Business Saturday/Sunday. The event has significantly altered consumer behavior, with stores opening increasingly early, some even on Thanksgiving night, catering to the most enthusiastic shoppers.

The journey of Black Friday from a term describing financial crisis and urban chaos to a symbol of retail success and consumerism highlights the fluid nature of cultural narratives and the power of marketing in reshaping public perception.