In the United States, Black Friday is a shopping day that comes after Thanksgiving. On this day every year, a lot of people go shopping, and many stores have big sales and discounts.
Why do we call it Black Friday?
While it is often portrayed as a joyous occasion, its history is less pleasant. In the 1950s, Philadelphia police used the term to describe the chaos caused by the influx of suburban shoppers and tourists arriving in preparation for the Army-Navy football game the following day. The increased foot traffic and shoplifting incidents burdened the police force, prompting them to work longer shifts.
By 1961, the term “Black Friday” had gained traction in Philadelphia, but attempts to rebrand it as “Big Friday” to remove its negative connotations failed. However, the term’s nationwide adoption didn’t occur until 1985. In the late 1980s, retailers capitalized on the term, framing it as the day stores transitioned from financial losses (red) to profits (black).
The narrative of “Black Friday” gained popularity, overshadowing its darker origins. The once one-day sales event now spans four days, spawning additional “retail holidays” like Small Business Saturday/Sunday and Cyber Monday. Store opening hours have gradually crept earlier, with dedicated shoppers now starting their Black Friday shopping immediately after Thanksgiving dinner.
Pros
You can have more great deals and promotions, a wide variety of products on sale, the opportunity to shop for the holidays, and a festive atmosphere.
Cons
It makes crowds, violence, consumerism and stressful shopping experience
Is it affecting personal finance?
I can say yes. It can have a significant impact on personal finances. It will make you make impulse purchases, buy unnecessary items, increase spending, fall into debt traps from credit, and cause financial stress.