Black Saturday occurs the day following Thanksgiving. Retailers offer steep discounts during this annual shopping day to kick-off the holiday season.
The Key Takeaways
- Black Friday isn’t an official holiday, but it falls the day after Thanksgiving. Black Friday is a day when people shop for discounts to start the holiday season.
- The holiday season is a crucial time for the retail industry, with many retailers accounting for up to 20% of their annual sales.
- Around this time, other financial “holidays”, such as Small Business Saturday (SBS), Cyber Monday and Giving Tuesday, have emerged.
What is Black Friday?
Black Friday is a part of the holiday season. Toy and games stores, in particular, need to have a successful Black Friday. According to the National Retail Federation, holiday sales accounted for 19% of all retail sales from 2017 to 2021.
Some retailers are open on Thanksgiving Day and early on Friday morning. Many shoppers will wait in line for the best deals, and the shopping continues over the weekend.
In 2021, shoppers will spend an average of $301,27 between Thanksgiving and Cyber Monday (the Monday following Thanksgiving).
Note:
Surprisingly, the best Black Friday sales are not available on Black Friday. Amazon and other retailers offer sales much earlier than Black Friday. It’s so competitive that retailers have come up with new ideas to grab your dollar. Sometimes, they start much earlier in the calendar year.
Black Friday Examples
The National Retail Federation estimated that 179.8 millions unique shoppers made purchases in-store or online during the Thanksgiving weekend of 2021, surpassing NRF’s original expectations by over 21 million.
According to the NRF, Black Friday spending will be up despite inflation this year. The NRF predicts that holiday spending will increase by 6%-8% this year compared to last year. This is an early indication of the economic impact Black Friday could have.
Note:
The NRF reported that 46% had begun their holiday shopping before November. A majority of these shoppers said they began early in order to spread their spending.
According to the NRF, the top three toys that consumers plan to purchase in 2021 are LEGO, Barbie, dolls, and cars and trucks. The top three items consumers plan to purchase as gifts are clothing, gift cards and toys. The NRF found shoppers were planning to purchase three to four gift certificates, spending between $147 and $196 on average. Total sales are expected to reach $28.1 Billion in 2021.
Why is it called Black Friday?
Black Friday is the informal term used to refer to the day following Thanksgiving. Black Friday is often the busiest day of the shopping year, as it marks the beginning of the holiday season. It can be critical for the economy and for certain retailers.
The origins of “Black Friday” can be traced back to the mid-20th century. The term “Black Friday”, which was first used by police in Philadelphia, was originally to describe heavy traffic the day following Thanksgiving. 6
Businesses embraced the term. Retail businesses who depended on the holiday season to make a profit were able to do so.
Black Friday historical data
The average annual increase for Black Friday sales has been 3.5%. Before the financial crisis in 2008, the average increase per year was 4.8%.
| The Year 2019 | Spending per Shopper | Total Spending | Increase in Percentage |
|---|---|---|---|
| 2002 | N/A | $416.40 billion | 2.1% |
| 2003 | N/A | $437.60 billion | 5.1% |
| 2004 | N/A | $467.20 billion | 6.8% |
| 2005 | $734.69 | $496.00 billion | 6.2% |
| 2006 | $750.70 | $512.10 billion | 3.2% |
| 2007 | $755.13 | $526.00 billion | 2.7% |
| 2008 | $694.19 | $501.50 billion | -4.7% |
| 2009 | $681.83 | $52.67 billion | 0.2% |
| 2010 | $718.98 | $528.77 billion | 5.2% |
| 2011 | $740.57 | $553.26 billion | 4.6% |
| 2012 | $752.24 | $567.65 billion | 2.6% |
| 2013 | $767.24 | $583.52 billion | 2.8% |
| 2014 | $802.45 | $611.52 billion | 4.8% |
| 2015 | $805.65 | $628.17 billion | 2.7% |
| 2016 | $935.58 | $646.72 billion | 3.0% |
| 2017 | $967.13 | 679.24 billion dollars | 5.0% |
| 2018 | $1,007.24 | 691.48 billion dollars | 1.8% |
| 2019 | $1,047.83 | $718.64 billion | 3.9% |
| 2020 | $997.79 | $777.35 billion | 8.2% |
| 2021 | N/A | $86.7 billion | 14.1% |
Cyber Monday vs. Black Friday
Cyber Monday is the Monday after Black Friday, when people shop online for gifts. It has become an event in its own right. It is usually the largest online-shopping day in the year. In some years, it’s even surpassed Black Friday.
Black Friday
- The day after Thanksgiving
- Sales in brick and mortar stores as well as online
- The busiest shopping day in the entire year for total shoppers
Cyber Monday
- The Monday after Thanksgiving
- Online sales are the focus
- Black Friday is the day when shoppers spend more than usual.
According to Adobe Analytics, Cyber Monday’s sales in 2020 will be $10.7 billion down from $9.4 billion the previous year.
Note:
Black Friday is not the only day for online shopping. Cyber Monday has its own share. Around 88 million customers reported shopping online during Black Friday 2021. This is up from the 93.2 million in 2019. 5 12
While brick-and mortar stores will not be completely abandoned, shoppers expect that retailers offer an alternative online. Many retailers see sales increases by allowing customers to purchase online and pick it up in store.
Around this time, other money-related holidays also began to appear. Small Business Saturday, the day following Black Friday, is an attempt to direct spending towards local mom-and pop shops. Giving Tuesday, the day after Cyber Monday, was created in order to encourage charitable giving over the holiday season.
FAQs (Frequently Asked Questions)
Black Friday is celebrated on the Friday after Thanksgiving.
Black Friday is always the day following Thanksgiving, although the exact date varies from year to year. In 2022 Black Friday will fall on November 25. In 2023, Black Friday falls on November 24, 2024 and 2025.
Black Friday is a holiday.
Black Friday isn’t an official holiday. The day after Thanksgiving is offered by some companies, but this is not an official federal holiday.
