The Myth Behind Black Friday

Miranda Miller, Co-Editor In Chief

Black Friday, the day after Thanksgiving, is one of the biggest days of the year for large corporations.  This year, Black Friday falls on November 26.  Normally individuals will wake up as early as possible to arrive at their favorite stores as soon as they open their doors to have first picks on products.  In addition, corporations and stores will provide certain sales that are only applied on Black Friday. 

However, Black Friday was not always known as the biggest shopping day of the year.  On September 24, 1869, the United States gold market crashed and this day was named Black Friday.  This was a dark day for America, after Wall Street financiers, Jay Gould and Jim Fisk’s scheme finally fell through.  For months, the two men had been buying up the country’s gold to hold a monopoly.

Within the retail industry, there is a common story told that relates the golf market crash to what we currently know as Black Friday.  According to the story, retailers who have expressed a year of loss will gain a lot of profit on the day after Thanksgiving.  Now, retailers discount their products and open their doors early to attract customers who are looking to shop cheap for the Christmas season.  

This story gives retailers an opportunity to continue opening their doors and reduce sale prices on the day after Thanksgiving.  Black Friday does not just last one day though.  Following Black Friday, most stores decide to participate in Cyber Monday, which discounts most cyber and electronic devices.  

Black Friday is a day for people to get started on their Christmas shopping at extremely low prices.  Even though the stores are packed and people are hungry for good deals, Black Friday has become one the most anticipated days of the year by retailers and consumers alike.