The True Origins of Black Friday and Cyber Monday | Summary and Q&A

TL;DR

Black Friday started as a way for retailers to move into profitability after operating at a loss throughout the year. Cyber Monday was created more recently in response to the rise of online shopping.

Key Insights

• 💨 Black Friday started as a way for retailers to move into profitability after operating at a loss for most of the year.
• 🍉 The term "Black Friday" originated from increased shopping activity and chaos in Philadelphia.
• 😮 Cyber Monday was created in response to the rise of online shopping and has experienced significant growth over the years.

Transcript

so first and foremost I actually wanted to do and I'm actually really excited to see what you found um the history yes of Black Friday how did it start when did it start sure sure so the history I the history is a bit murky actually um you know traditionally I think most people will say or a lot of retailers will argue that you know throughout the ... Read More

Questions & Answers

Q: What is the history behind the term "Black Friday"?

Traditional retailers operate at a loss for most of the year and use the heightened shopping activity on the Friday after Thanksgiving to generate sales and move into profitability, hence the term "Black Friday."

Q: Is it true that the term "Black Friday" has controversial origins related to slavery?

No, the suggestion that the term originated from slave owners buying slaves at a discount after Thanksgiving has been discredited. The true source of the term is from Philadelphia, where increased shopping activity and chaos led the police to refer to the day as Black Friday.

Q: How did Cyber Monday come about?

In 2005, the National Retail Federation noticed a growing trend of increased online sales on the Monday following Thanksgiving. This led to the creation of Cyber Monday as a way to capitalize on the rise of e-commerce.

Q: How has Cyber Monday grown over the years?

Since its creation, Cyber Monday has experienced significant growth. In 2010, it became the biggest online shopping day with $500 million in sales. It has since grown to $2.5 billion in sales within a 10-year period.

Summary & Key Takeaways

• Black Friday is the day after Thanksgiving when retailers offer significant discounts to generate sales and move into profitability.

• The term "Black Friday" originated from the increased shopping activity in Philadelphia, coupled with extra foot and vehicle traffic, leading to chaos and shoplifting.

• Cyber Monday was created in 2005 when the National Retail Federation noticed a trend of increased online sales on the Monday after Thanksgiving.