Black Friday is not just a day of sales and frantic shopping. It’s a day that symbolises the start of pre-holiday shopping, opening the door to a world of discounts, promotions and endless opportunities for consumers. But how did this tradition begin and what is its impact on the global economy and culture?
Historical roots: from chaos to shopping sensation
The landmarks of this tradition’s history go back to the distant days of 1960s America. A time when shops and retailers faced unprecedented demand and a flood of shoppers preparing for the upcoming holidays. The name Black Friday didn’t come about by accident. It is believed that the term “Black Friday” was first used by Philadelphia police officers to describe the chaos that occurred the day after Thanksgiving due to the throngs of shoppers and tourists. Over time, however, the term was redefined and began to be associated with the moment when merchants went “into the black” in terms of revenue.
Global expansion: not just an American tradition
Today, this tradition has expanded well beyond the U.S. to become a global phenomenon. Over the past few decades, we’ve seen many countries, including Europe, Asia, and even Australia, embrace the day, adapting it to their cultural and economic realities. But what makes this day so special? While Black Friday has long been a traditional day of big discounts in the US, in other countries it has only started to take active root in recent decades. In the UK, for example, the real shopping boom only started in the 2010s. In Asian countries such as Japan or South Korea, Black Friday has become a symbol of globalisation and adaptation of Western shopping practices.
Ukraine was also not left out of this global shopping phenomenon. Despite the fact that the beginning of the journey was not so large-scale, every year the interest in this day grows and discounts become even more attractive.
Impact on the economy and consumer behaviour
Black Friday has changed consumer habits. Many people postpone major purchases until this date. It also stimulates the economy: sales increase, retailers’ stocks rise, and logistics infrastructure is strengthened.
Trends and innovations: Black Friday 2022-2023
Black Friday 2022-2023: Echoes of the past and expectations for the future
Each year, Black Friday takes on new forms based on current global events, retail trends and changes in consumer preferences. Let’s take a look at what happened in 2022 and what to expect in 2023.
Black Friday 2022: Echoes of the Past In 2022, many markets were still just beginning to recover from the COVID-19 pandemic. Logistical challenges, supply delays and changes in consumer habits made Black Friday 2022 quite unique:
- The rise of online shopping: Still feeling the effects of the pandemic, many consumers opted to shop online, increasing pressure on online platforms and delivery services.
- Local sales: In response to global supply issues, many retailers emphasised local products and brands.
- New promotional formats: Many companies stretched Black Friday out over an entire week or even a month, offering different discounts and promotions each day.
Black Friday 2023: What to Expect. As we approach 2023, the market is adapting to new realities:
- Smart technology: With the increasing use of artificial intelligence and machine learning, offers are expected to become more personalised, based on individual shopper preferences.
- Sustainability: Consumers are increasingly orientated towards sustainable production and consumption. Interest in eco-friendly, sustainable products is expected to grow.
- Hybrid shopping formats: The combination of online and offline commerce will become even more popular, with shops offering virtual fitting or online ordering with on-site pick-up.
How are Black Friday preparations being made around the world?
Preparing for Black Friday is a real strategic game for retailers. In the US, many shops start announcing their offers a month before the event. In Asia, the focus is shifting to technology, while European countries are focusing on fashion and home appliances.
Black Friday, which started as an American shopping tradition, has become a global phenomenon affecting economies and consumer habits. Expectations for the coming years indicate a consumer shift towards smart consumption and quality merchandise. The day continues to evolve, remaining a symbol of globalisation and cultural exchange.
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