The name was apparently coined by police, who weren’t allowed to have the day off and had to work extra long shifts in order to control the huge crowds. The day after Thanksgiving would see massive crowds of shoppers head into the city ahead of the Army-Navy football game which was held on the Saturday after thanksgiving every year. When did Black Friday Start?īlack Friday has become one of the most important dates in the calendar for the e-commerce sector, but where did it all start? While it might seem like a fairly modern phenomenon, legend has it that the origins of the shopping event can be traced back to 1950s Philadelphia. So, it’s by no means all doom and gloom and the latest from Black Friday seems to support that conclusion. In addition to consumer spending, the unemployment rate has remained low, home prices have stayed high and consumer confidence has been stable as well. The latest figures on this from the US Bureau of Economic Analysis are due to be announced today. While the traditional definition of two consecutive quarters of negative economic growth has already been met, there have been other pieces of economic data that haven’t looked quite so bad.Ĭonsumer spending figures have been one, but it had been widely thought that these were likely to slow as the year has gone on. This adds further context to the National Bureau of Economic Research’s decision to not yet call the start of an official recession. Even Jeff Bezos himself has stated that it’s likely time to “batten down the hatches’ and prepare for one, and yet it appears that consumers are still out and spending money. For almost the entirety of 2022 we’ve been hearing that a recession is on the horizon. It’s some welcome positive news in a sea of negativity. NRF President Matthew Shay said that the weekend “is turning out to be even bigger than we expected.” Not only that, but the bulk of them - 123 million - made their purchases in person, rather than online. The National Retail Federation (NRF) has conducted polling and research which suggests that 196.7 million people shopped over the Thanksgiving weekend. After a number of years where online shopping was pretty much the only option, in person retail has come back with a vengeance. Online spend on Black Friday this year hit $9.12 billion, up 2.3% from the same time last year, while Cyber Monday figures were even stronger showing a 5.8% increase from 2021.īut it wasn’t just online stores who improved their numbers over last year. The headline is that the demand from shoppers remained high at the Black Friday shopping events this year.
Black Friday figures remained strong despite economic headwinds
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