Crammed stores, crazy deals and dollars spent will all occur on the Friday after Thanksgiving, with many people using this time to get a jump start on Christmas shopping with lower prices.
According to History.com, Black Friday was first originated due to a giant gold market crash that was caused by two men who bought as much of the country’s gold as they could hoping to resell the metal for a bigger profit. However, it ended up resulting in both the rich and poor going into bankruptcy since their plan was revealed that followed in the stock market transforming into a free-fall.
Throughout the years, the prices of popular items have dropped massive digits, with most of the well-known ones being big tech companies like Apple, Best Buy and GoPro selling their normally pricey products cheaper. This brings in revenue, brand establishment and new customers, which are all results that can directly benefit a company.
Still, Black Friday can result in drawbacks if done wrong. Businesses can feel pressure to create deals that they can’t afford since these deals are so normalized. Corporations must spend a good percentage of their money on advertising to get their lower prices visible. Although Black Friday can bring in new costumers, numerous of these people may only shop at these stores when these deals are happening, therefore, not helping these companies in the long run.
The need for a good marketing team and budget becomes that much more important when trying to achieve growth while lowering the cost of products.
Many students look forward to these bargains every year following Thanksgiving.
“I love getting up early just to shop, although I’m sure most people would disagree,” said junior Kira Kingsly. “But I don’t love all the old ladies I have to fight to get the clothes I want.”
Despite masses of people looking forward to Black Friday each year, more work, thought, and time goes into creating bargains for customers while also trying to boost profit and sales at the same time.
