The Friday after Thanksgiving is considered the start of the pre-holiday shopping season.
WASHINGTON-the Friday after thanksgiving is traditionally the year’s top shopping day. Black Friday is considered the beginning of the pre-holiday shopping season, when American retailers receive a significant portion of annual profits.
Many stores offer discounts to attract customers, and people often line up early in the morning to have time to take advantage of the best offer, until everything is sold out.
“Black Friday was a way to make sure store owners hit their targets for the season,” notes a Professor of Booth school of business University of Chicago James E. Schrager.
“For retailers to hit targets means selling more than last year,” he explains. “All retailers want to grow, develop and increase their market share.”
It is believed that the first advertising of shopping after thanksgiving was launched by Macy’s Department store during the parade in New York in 1924.
The popularity of Black Friday increased in the 1930s.
According to Google, the list of the most popular searches on the eve of Black Friday in 2019 included Lego, cameras and fashion backpacks. However, it’s unclear where people will shop the day after thanksgiving.
“I can not answer this question exactly, because, of course, you do not always know what each particular person does, – notes Google expert Molly Vandenberg. – By looking at the history of search queries, we can tell that people are turning to Google in search of specific things and places to buy it.”
According to Schrager, online shopping has not diminished the importance of Black Friday for offline stores.
“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 the new form is sold in regular stores.”
According to the Commerce Department, in the third quarter of 2019, online shopping accounted for just 11.2 of total sales. Over the past 10 years, growth in online trading has been just under 1 percent per year.
According to a pre-holiday study by Deloitte, online sales are expected to grow 18 percent this year.