Friday after Thanksgiving is considered the start of the holiday shopping season.
WASHINGTON – The Friday after Thanksgiving is traditionally the main shopping day of the year. Black Friday is seen as the start of the holiday shopping season, with US retailers generating a significant chunk of annual profits..
Many offer stores discounts to attract customers, and people often line up in the early morning to take advantage of the best offer before everything is sold out..
“Black Friday was a way to make sure store owners hit their target for the season,” says a professor at the School of Business. University of Chicago Booth James E. Schrager.
“For retailers, hitting targets means selling more than last year,” he explains.. “All retailers want to grow, develop and increase their market share”.
Macy’s department store is believed to have launched the first post-Thanksgiving shopping ad during the 1924 New York City parade..
Black Friday’s popularity increased in the 1930s.
According to Google, the list of the most popular searches on the eve of Black Friday in 2019 included Lego constructors, cameras and fashion backpacks.. However, it is not yet clear where people will actually shop the day after Thanksgiving..
“I can’t answer this question with certainty, because, of course, you don’t always know what each person is doing,” says Google expert Molly Vandenberg. “By looking at the history of search queries, we can tell that people turn to Google for specific items and places to buy them.”.
Online shopping hasn’t diminished Black Friday’s relevance for offline stores, Schrager says.
“I think it has become even more important,” he notes. – Online shopping is a new and interesting phenomenon. But if you look at the numbers, 89 percent of everything that is bought in a new form is sold in regular stores. “.
Online accounted for just 11.2 of total sales in the third quarter of 2019, according to the Department of Commerce. Online commerce has grown at just under 1 percent per year over the past 10 years.
Online sales are expected to grow 18 percent this year, according to pre-holiday research by Deloitte.