Every year, the highly anticipated sales weekend, which occurs after Thanksgiving Day and begins on November 26th this year, sees a large number of customers go to high street shops and internet retailers in search of great discounts. Up until Cyber Monday, many major retailers, including Amazon, Currys/PCWorld, John Lewis and Argos, are expected to bring back a variety of deals.
When and how did Black Friday start?
The phrase “Black Friday” was first used in Philadelphia in the 1960s by retail expert Bob Phibbs to refer to the busiest shopping and traffic day.
“The streets and department stores of downtown Philadelphia were mobbed. By the ‘80s, it was an urban legend that it was the day retailers moved from reading losses to black ink profits,” Phibbs mentions as he spoke with Betway Casino.
“The entire period from Black Friday through to December can actually be a time that erases all losses from the previous three quarters and makes a business profitable for the year end.”
Black Friday facts, figures and trends
The USA are the biggest spenders
The average buyer spends $497 in the United States, with Canada next at $441, followed by the United Kingdom at $407.
Singles’ Day overtaking Black Friday
Black Friday suffered its first global defeat in 2019, with international spending on Singles’ Day surpassing that of Black Friday for the first time. In 2020 Singles’ Day beat Black Friday by $58.6B in global expenditure.
Nintendo Switch 2020 domination
In the year 2020, the Nintendo Switch became the most Google-friendly product leading up to Black Friday, with 2.98 million searches vs second-place PS4 with 1.35 million searches.
30% of all retail sales happen from Black Friday to Christmas
Despite the fact that Black Friday sales are no longer a one-day event, retail companies still account for 30% of all purchases throughout the season. This is when the real Black Friday occurs, as it marks the start of the busiest shopping period.
Save an average of 37%
The majority of Black Friday discounts begin several days before the day and continue for many days after. The competition is very intense. According to research, the greatest electronics deals occur in November. During this period, the average discount is approximately 23%. The week before Thanksgiving is when the number of bargains is at its highest, but the average discount is approximately 20%. After Thanksgiving, on the other hand, Black Friday discounts rise to 37%.
Shoppers go electronic mad
On Thanksgiving, the average discount for sporting goods, video games, and apparel is 24%, while on Black Friday, electronics are the most popular products. TV, phones, tablets, appliances, and jewellery all have significantly higher than average online Black Friday savings. The days between Thanksgiving and Cyber Monday account for 20% of all online holiday purchasing during the year.
Don’t miss another story! Get the Island’s latest news delivered straight to your inbox. Sign up to our daily newsletter here.