Black Friday: From Financial Turmoil to Shopping Frenzy

Black Friday has transformed from a term denoting financial disaster to America's most anticipated shopping event.

 

Understanding its origins and adopting savvy shopping practices can help high school students navigate this retail phenomenon effectively.

 

The Unexpected Beginnings

 

In 1869, "Black Friday" described a financial crisis triggered by speculators Jay Gould and Jim Fisk manipulating gold prices, leading to a market collapse.

 

By the early 1960s, Philadelphia police used the term to depict the chaos ensuing when massive crowds flooded the city post-Thanksgiving, causing traffic jams and increased shoplifting.

 

Retailers later rebranded the day, suggesting it marked the shift from losses to profits, moving from "in the red" to "in the black." This narrative, however, was a marketing strategy introduced in the 1980s.

 

Modern-Day Black Friday

 

Today, Black Friday signifies the kickoff of the holiday shopping season, with retailers offering significant discounts to attract consumers.

 

In 2024, U.S. online sales reached a record $10.8 billion on Black Friday, a 10.2% increase from the previous year.

 

Notably, 69% of these purchases were made via mobile devices, highlighting the shift towards online and mobile shopping.

 

Smart Shopping Strategies for High Schoolers

 

For high school students looking to make the most of Black Friday without overspending, consider the following tips:

 

1. Create a Shopping List

 

Identify the items you genuinely need and set a budget to avoid impulse buys.

 

2. Research Prices in Advance

 

Use price tracking tools to monitor item prices before Black Friday to ensure discounts are genuine.

 

3. Compare Deals Across Retailers

 

Don't settle for the first deal; check multiple stores to find the best price.

 

4. Utilize Student Discounts

 

Some retailers offer additional discounts for students; always inquire or check online.

 

5. Be Cautious with Buy Now, Pay Later (BNPL) Options

 

While BNPL services can make purchases more accessible, ensure you can manage the repayment terms to avoid debt.

 

6. Prioritize Needs Over Wants

 

Focus on purchasing essentials or items you've planned for, rather than being swayed by flashy deals.

 

Conclusion

 

Black Friday's journey from a term of financial despair to a shopping extravaganza underscores the power of marketing and consumer culture.

 

By understanding its history and implementing smart shopping strategies, high school students can make informed decisions, ensuring they benefit from the deals without falling into the trap of unnecessary spending.