The Evolution of Black Friday

From Chaos to Consumerism

Nov 29, 2024

Black Friday – A name steeped in ominous connotations. The word ‘black’ often evokes a sense of doom, while Friday has long carried superstitious associations with ill fortune. Yet, paradoxically, Black Friday has become synonymous with the busiest and most profitable shopping day of the year. Researching my previous article,” It’s Christmas!1” that provided practical advice on how to shop safely online including links to sites that allow you to check if a site has been flagged as fraudulent, led me to explore the origins of Black Friday so I thought I would share my insights.

The term Black Friday has carried different meanings throughout history. Originally it was associated with chaos and disorder; now it is eagerly anticipated by both consumers and businesses alike.

1869: The Original Black Friday

The original Black Friday did, in fact, involve a financial catastrophe, though it bore no relation to retail sales. On 24th September 1869, two infamous Wall Street speculators, Jay Gould and James Fisk, attempted to manipulate the U.S. gold market. Their aim was simple, corner the market and drive gold prices sky-high. However, when the U.S. government intervened by flooding the market with gold, their scheme collapsed. The result was a sharp plunge in gold prices, causing financial ruin for many investors and triggering widespread panic on Wall Street. This disastrous episode became known in history as “Black Friday.”

Mid 20th Century: Chaos in Philadelphia

The term took on a new meaning in the mid-20th century, albeit still imbued with negative connotations. In the 1950s and 1960s, police officers in Philadelphia began referring to the day after Thanksgiving as "Black Friday." Far from the commercial bonanza it is today, the phrase was coined to describe the chaos that ensued as hordes of shoppers and tourists descended upon the city. The streets were clogged with traffic, and law enforcement was overwhelmed by the sheer volume of people and the corresponding rise in shoplifting and disorder. For those on the front lines, the day was anything but a celebration.

1980’s: Moving from Red to Black

By the 1980s, this dark association with Black Friday began to shift, thanks to a concerted effort by retailers to reframe the day as one of prosperity rather than pandemonium. Retailers seized upon the idea that Black Friday marked the point when businesses finally moved from being “in the red” (operating at a loss) to “in the black” (achieving profitability), capitalising on the holiday shopping rush. This positive rebranding resonated with consumers, transforming the day into the shopping juggernaut that now heralds the start of the holiday season.

I trust you enjoyed this brief sojourn into history. As my writing often uncovers intriguing historical insights, I’ve decided to share these snippets of history with my readers. For another glimpse into the past, do explore "Inter Gravissimas2", which delves into the origins of why the UK tax year ends on 5th April.