Friday, 27 November 2015

Black Friday

Black Friday is the day after Thanksgiving, November 27, 2015. It's traditionally the busiest shopping day of the year and kicks off the busy holiday season. The holiday shopping season is critical for the economy because around 30% of annual retail sales occur between Black Friday and Christmas. For some retailers for example jewelers, it's even higher, nearly 40%. Black Friday is set to become the biggest day of shopping in Britain, with as much as £2bn spent in shops and online in the space of 24 hours. Yet five years ago the shopping event known for its violence in people fighting for purchases didn’t even exist in the UK. Black Friday is a US shopping tradition exported across the Atlantic by companies such as Amazon and Asda.  Until 2010, the closest UK shoppers got to Black Friday was TV news coverage of the queues at shops across the US.

Black Friday is named as some claim it relates to the fact it is the day when retailers turn a profit for the year and move into the black, while others claim it relates to the markdowns on shop prices. Until 2010, the closest UK shoppers got to Black Friday was TV news coverage of the queues at shops across the US. Visa Europe predicts that shoppers will spend £6,000 per second on the day.  Most retailers are now stretching it into the following week, at least until Cyber Monday. That’s the day after the Black Friday weekend when shoppers are supposed to go crazy online.

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