Introduction: The Birth of Black Friday

The term 'Black Friday' has become a cultural phenomenon, marking the busiest shopping day of the holiday season. But how did it start, and why did it become an annual event that manufacturers and retailers eagerly anticipate? This article explores the origins of Black Friday, tracing its history from the 1960s to the digital age, and sheds light on why it has become a hallmark of American consumerism.

Origins and Early Adoption

The 1980s: A Retail Ascent of Consumerism

During the late 1980s, consumerism was at its peak, driven by mass media campaigns that aimed to reach millions of consumers. Retailers began to view the holiday season as a competitive scoring event, encouraging people to show up at midnight following Thanksgiving. This early push towards Black Friday did not occur in isolation but was part of a broader landscape that included the highly sought-after Cabbage Patch Kids and Elmo toys. With no internet or eBay to facilitate online shopping, the only way to secure these hot items was through physical presence in stores. This strategy was seen as a way to prove one's skill as a parent or generous gift giver.

Economic Significance

Turning Red to Black: Profit and Loss Records

The term 'Black Friday' is rooted in the accounting practices of the 19th and early 20th centuries. In the pre-computer era, profits were recorded in black ink, while losses were recorded in red ink. If a business ended the year with more red ink than black, it was a sign of financial struggles, possibly leading to bankruptcy. With Christmas typically contributing one quarter of the annual profit, merchants would strategically reduce prices to encourage last-minute spending, ensuring they stayed "in the black."

1939: A New Thanksgiving Date

Franklin D. Roosevelt's decision in 1939 to change Thanksgiving from the last to the fourth Thursday in November was an economic move intended to lengthen the holiday shopping season. This shift, while primarily an advisory change, significantly impacted the retail calendar, contributing to the evolving nature of Black Friday as we know it today.

Philly's Peculiar Origins

Police and Traffic: Early Usage of the Term

The earliest recorded use of the term 'Black Friday' dates back to 1961 in Philadelphia. At that time, it was used by local police to describe the heavy pedestrian and vehicular traffic that occurred the day after Thanksgiving. The term was not initially positive; it highlighted the chaos created by the massive influx of shoppers.

Early Market Crisis

9/24/1869: A Market Crisis, Not a Holiday

While 'Black Friday' became associated with consumerism, it is largely unrelated to the earliest recorded market-related event. The day of September 24, 1869, known as Black Friday, was significant for a different reason. This day marked the end of a historic gold market panic, and it was not about Thanksgiving or holiday shopping. The event led to the bankruptcy of two major brokerage houses and the collapse of the Over-the-Counter market. This early market crisis paved the way for the financial terminology and later the consumer-driven phenomenon known as Black Friday.

Conclusion

From its beginnings as a term used to describe chaotic traffic, Black Friday has evolved into a retail behemoth, symbolizing the peak of holiday shopping. It is a testament to how consumer trends, economic measures, and cultural practices have shaped this singular day. As we continue to celebrate and navigate Black Friday, it is essential to understand its rich history and the forces that have shaped it.