Black Friday 2024 Predicted to Set New Record

Over the past several years, we’ve seen significant changes in the holiday sales periods; rather than being confined to just two days, retailers now start sales earlier and extend them longer. This shift aligns with consumer shopping habits, which have evolved to start holiday shopping earlier in the season.

LTK director of strategy and insights, Ally Anderson. According to a recent LTK study, 58% of shoppers began making holiday purchases in late October.

Big Picture: Expect record sales this Black Friday, with Bain & Company forecasting U.S. retail sales to “reach $75 billion for the first time ever, growing by about 5% year over year and outpacing our total holiday season forecast of 3%.” Items in biggest demand this year? Technology such as smartwatches, VR headsets and hair styling tools.

Origins of the Term “Black Friday”:

• 1869: “Black Friday” describes September stock market panic.
• 1950s – 1960s: Philadelphia police used the term to describe the chaos that erupted in the city from the influx of holiday shoppers and football fans on the Friday before the Army-Navy game, held the Saturday after Thanksgiving.
• 1960s: Philly retailers started using “Big Friday” to rid the name of negative press – but it didn’t work.

By the late 1980s, Black Friday became a nationwide financial phenomenon – then came the knockoffs:

• Cyber Monday began in 2005.
• Small Business Saturday started in 2010 as an AmEx ad campaign.
• Not to be outdone by web and local sales, some retailers stay open on Thanksgiving, too.

Read More: When is Black Friday and when do sales start? Experts predict 2024 trends (New York Post)

Black Friday 2024 Sales Forecast (Bain & Company)

It wasn’t always the biggest shopping holiday of the year. Why is it called Black Friday? (USA Today)