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Black Friday
Black Friday is the longest day for retailers in the USA. It is a day retailers make profits i.e. the black ink in accounting books is associated with being in the black: profit. Popular use of the term Black Friday began to see broader use outside the eastern USA in 1975.
Historically, Black Friday was the day of the stock market catastrophe in 1929.
Black Friday is the day after American Thanksgiving and is considered by many to be the first official shopping day of the Christmas season.
Black Friday is not a statutory holiday. Non-retail employers give their employees the day off, thereby increasing the number of consumers. It is now the busiest shopping day of the year.
It was common for retailers to open at 6:00 am on Black Friday, but in the late 2000s, many had crept opening time to 5:00 or even 4:00am. In 2011, when several retailers opened at midnight, which forced employees to either not sleep and/or miss Thanksgiving.
A backlash has resulted, with a petition urging big retailers to allow their employees have Thanksgiving holiday off.
The financial success of Black Friday will depend on consumer spending. Consumer spending accounts for 70 percent of the American annual retail revenue. Consumer spending impacts future franchise plans and purchasing for the next year. Black Friday affects, suppliers, jobs, manufacturers and the economy.
The November-December Christmas shopping period makes up 40 % of annual American retail sales. In the USA, that number is half a trillion dollars.
As the critical Christmas sales time begins, economists do not know if currently broke and in debt shoppers will stick to their lists or go back into debt this Black Friday and over the rest of the Christmas and New Year’s shopping and sale season. Retailers hope consumers throw caution to the wind and buy, buy, buy!
Black Friday Tips:
1. Do your budget- think about what you really can afford and know those bills will arrive in January 2012!
2. Do your research: compare stores flyers and ads, read the fine print- is it 40% off or is it the sale price?
3. Eat: Never shop on an empty stomach: you won’ t be thinking clearly and chances are you will over spend
4. Factor in gas and bus/car fare to your budget
5. Know store return policies before you buy: many sale items are final sale- even if it’s a gift. Most major retailers give gift receipts.
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