What is Black Friday? Here’s Brief History – NBC10 Philadelphia

Black Friday is popularly a sign of the end of Thanksgiving and the beginning of the Christmas season in the US, with sales at retail stores nationwide.

Many believe it has come to be known as “Black Friday” after business jargon referring to a time when a business is financially profitable or “unlucky”.

However, the first recorded use of the name is in the 19th century and refers to a different financial change.

Here are a few ways that “Black Friday” can be incorporated into our vocabulary.

A financial disaster

The earliest traces of this name are from the late 19^NS century and has no association with Thanksgiving or Christmas. Rather, it is the name given to a economic market crash.

In 1869, when gold was the currency used in international trade, a single investor wanted to acquire as much gold as possible so he could control the market price. To prevent this, the US Treasury Department issued more than 4 million USD worth of gold, causing the value of gold to drop significantly. This eventually rocked the stock market and pushed many Wall Street companies into bankruptcy.

The market crash, which occurred on a Friday in September, is known as “Black Friday” to denote the damaging events of the day. To be called black, in this sense, is to represent the darkness of circumstances.

Similarly, when the stock market crashed again in 1929, leading to the Great Depression, the date that started it all was October 29, 1929, a Tuesday known as “Black Tuesday”.

How did Black Friday become America’s biggest shopping day of the year? You might be surprised to learn that the way it started has nothing to do with shopping. NBCLX’s Janine Doyon traces the history of Black Friday from its origins in 1960 to its nearly weeklong celebration of consumerism today.

A traffic nightmare

The origin of the name as we know it today, it was first used to refer to non-financial anguish.

The term attributed to the day after Thanksgiving was first used just over half a century ago. One year 1966 article from “The American Philatelist” magazine said ‘Black Friday’ was coined by Philadelphia police officers.

“It’s not a term to endorse (Philadelphia police),” the article said. “Black Friday officially kicks off the Christmas shopping season in the City Center, and it often causes massive traffic jams and overcrowding on sidewalks as downtown stores get crowded from opening. to close.”

According to the document, the day after Thanksgiving is known as Black Friday due to traffic jams and overcrowding in the city.

Wondering how to get the most out of your Black Friday shopping? Here are some tips to make sure you get the best deals possible.

Great financial returns for retailers

Other reports assign this name as positive — profitable businesses. ONE 1982 segment from “ABC World News Tonight”“Refers to the colors used in business operations.

“Some merchants label the date after Black Friday as Thanksgiving because doing business today can mean the difference between red and black ink on the ledger,” anchor Dan Cordtz said in the episode.

In a traditional record-keeping ledger, negative numbers are written in red ink, while black ink is used to represent profits.

The sales rush that kicks in on Black Friday can cost a company an entire year and keep a business ‘in the dark’.

This date remains especially important for retailers. Even in the face of COVID-19 last year, Black Friday brought more 9 billion dollars profits for online stores nationwide.