- This year the Black Friday is on November 26.
- It’s the door to the festive season.
- Black Friday is significant for consumers, retailers, and economists.
Finally, the startling effects of the pandemic are settling down. And, with that we are entering into the holiday season. Before the most awaited time of the year arrives, we’ll encounter the Black Friday. This year the Black Friday is on November 26.
Black Friday is a traditional occasion for the west; however, with rising globalisation, it’s become a global phenomenon. So, people in other continents wonder what Black Friday is. So, let’s disclose that!
When is Black Friday celebrated?
Black Friday is celebrated the next day of U.S thanksgiving. It’s usually a holiday in the west. People go out shopping and celebrate with their families for the upcoming holiday season. Black Friday is special for consumers as there are huge discounts and offers given for purchasing.
From the seller's perspective, Black Friday is the beginning of upscaling economic activity during the festive season. It’s like a test to measure the spending capacity of the citizens in that economic year. This year, Black Friday will be celebrated on November 26.
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The shopping carnival!
The Black Friday sale is now famous in almost all parts of the world. Online marts and brick and mortar stores offer extensive discounts and deals to their customers. Additionally, the sale starts before Black Friday and goes till Cyber Monday.
High discounts are given on overstock inventory and additional discounts on seasonal and festive items. So, basically, Black Friday is a big retail business game. Retailers plan their strategies for the Black Friday sale beforehand to capture the maximum market share.
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Image source: Pixabay
How did Black Friday come into picture?
It's a decades long tradition. After Turkey Day in the west, the next day is usually a holiday for most employees. Thus, retailers started luring customers on Black Friday by announcing exclusive discounts. This way, Black Friday turned into a big shopping carnival, which is now celebrated in most parts of the world.
Black Friday sales are also important to adjust to the market bumps that are caused due to the holiday season. The market is affected due to extra holidays during the festive season. Thus, through Black Friday, those bumps are capitalised.
Conclusively, Black Friday is significant for consumers, retailers, and economists. Through Black Friday spending, economists gauge consumer confidence in the market and how the market will eventually perform during the festive season.