All You Need To Know About Black Friday
The annual retail mega-sale, namely Black Friday, has started once more, so what do we know about this global phenomenon?
When is Black Friday?
Black Friday this year is today (Friday 26th November), as it annually falls on the day after US Thanksgiving, which is the fourth Thursday of November.
Where is Black Friday held?
While of US origin, the event has now become one of the most important retail opportunities in the UK and has been adopted by retailers and consumers around the globe.
Why is it called Black Friday?
Many people wrongly believe that it is the annual opportunity for struggling retailers to move ‘into the black’ financially.
However, the name dates back to Philadelphia in the 1960’s, where police used it to describe the shopping crowds and traffic congestion that immediately followed Thanksgiving.
What is Black Friday Weekend?
Black Friday weekend starts with sales on Black Friday, which continue through Saturday and Sunday. Cyber Monday, where electronic products are the focus, then completes the weekend.
Has Covid impacted Black Friday?
Despite the impact of covid last year, UK consumers spent £7.9 billion during the 2020 Black Friday weekend, with 4.7 billion sales being done online.
While the overall figure was only slightly down on 2019, online sales rose by £1 billion and outweighed store sales for the first time.
Will supply chain disruption affect this year’s Black Friday?
It is difficult to see how Black Friday will not be affected by this years congestion, delayed shipping, rising freight rates and increase in just about all logistics costs.
In recent months the excessive shipping rates from Asia have meant low and mid value products are not very cost effective, and these type of products are usually prominent during Black Friday.
Global shortages of microchips will also affect gaming and electronics sales, which are also big Black Friday sellers.
That said, there will undoubtedly be the traditional global hunt for bargains that makes Black Friday such a massive retail event.