The day following Thanksgiving—commonly referred to as Black Friday—has become one of the busiest shopping days of the year in the United States. National chain stores traditionally offer limited money-saving specials on a wide variety of goods in an effort to lure shoppers into stores while offering similar deals online.
It is believed by many that the term Black Friday derives from the concept that businesses operate at a financial loss, or are “in the red,” until the day after Thanksgiving, when massive sales finally allow them to turn a profit, or put them “in the black.” However, this is untrue.
A more accurate explanation of the term dates back to the early 1960s, when police officers in Philadelphia began using the phrase “Black Friday” to describe the chaos that resulted when large numbers of suburban tourists came into the city to begin their holiday shopping and, in some years, attend Saturday’s annual Army-Navy football game. The huge crowds created a headache for the police, who worked longer shifts than usual as they dealt with traffic jams, accidents, shoplifting, and other issues.
Within a few years, the term Black Friday had taken root in Philadelphia. City merchants attempted to put a prettier face on the day by calling it “Big Friday.”
The phrase “Black Friday” to signify a positive boost in retail sales didn’t grow nationwide until the late 1980s, when merchants started to spread the red-to-black profit narrative. Black Friday was described as the day stores began to turn a profit for the year and as the biggest shopping day in the United States. In truth, most stores saw their largest sales on the Saturday before Christmas.
In recent years, Black Friday has been joined by other shopping holidays, including Small Business Saturday, which encourages shoppers to visit local retailers, and Cyber Monday, which promotes shopping online.
Historically, Black Friday has yet another connotation, one unrelated to shopping. In 1869 Wall Street financiers Jay Gould and Jim Fisk attempted to corner the nation’s gold market at the New York Gold Exchange by buying as much of the precious metal as they could, with the intent of sending prices skyrocketing. On Friday, September 24, intervention by President Ulysses S. Grant caused their plan to fall apart. The stock market instantly plummeted, sending thousands of Americans into bankruptcy.