by Anisa Ali
The start of the holiday shopping season in North America is upon us.
that’s right! Black Friday is happening this week on Friday, November 24, 2023.
It’s time for consumers to be on the look out for major sales promotions at their favorite stores. This is also the perfect opportunity for our budget-friendly shoppers to step forth and prevail. With the fun of saving money, Black Friday is known to be the busiest shopping holiday after Boxing Day. Black Friday has been around for decades now , so where did the idea originate from?
Apparently, the term “Black Friday” has always been used to signify a boost in retail sales across the country. Companies and department stores typically used the red-to-black narrative. Black Friday is the day stores and businesses begin to see their end of year profits.
“Black Friday” also dates back to the 1960s where police officers used the term as a way way of describing how chaotic cities had become due to a larger amount of tourists or suburbans. Because of this major shopping event, authorities would have to work longer shifts dealing with a higher volume of shoplifting, traffic, accidents and assaults.
With Black Friday carrying the torch, there are now other shopping holidays that follow including Cyber Monday and Giving Tuesday.
Cyber Monday has been become incredibly popular over recent years. It’s no shock technology has taken over a large portion of how society functions – including the way in which we shop. Thanks to technology, consumers now have the comfort of online shopping. With the innovative combination of online shopping and Black Friday, this is how Cyber Monday came to be. It takes place on the Monday following Black Friday. It has become the biggest online shopping event of the year. Cyber Monday made its first debut in 2005 after retailers observed the continuation of consumer purchasing days after Black Friday. This allowed businesses to boost their sales even further.
During its first year, Cyber Monday sales made a total sales revenue of $484 million in 2005. This has doubled since 2019 raking in a total of over $9.4 billion in revenue.
But the spending doesn’t stop here. The third spending event for the holiday season is Giving Tuesday
Falling on the Tuesday after American Thanksgiving, Giving Tuesday is a global movement of generosity in which people donates, participates and supports non-profit organizations with their causes to help those in need. This year marks the ten year anniversary from when Giving Tuesday first took place in Canada. The movement has been sponsored by many major organizations across the global. Giving Tuesday is an opportunity for organizations to launch their end of year campaigns, allowing many to make their final tax-deductible donations.
What To Expect
According to BNN Bloomberg, after a survey was conducted by Shopify back in September, the average Canadian is expected to spend $291 this year – ranking the second highest globally.
Since we’re closing in on the big shopping event, the Wall Street Journal and Good Housekeeping has tips for shoppers!
For those on the other side of Black Friday like retail managers and small business owners, here are some tips on how to maximize your sales!
For Small Businesses:
For Retail Managers:
Happy shopping everyone!