Retailers offer substantial discounts to attract customers on Black Friday
Black Friday 2023: Black Friday is a day that follows Thanksgiving Day in the United States, which falls on the fourth Thursday of November. It is often considered the beginning of the Christmas shopping season. On Black Friday, many retailers offer significant discounts and promotions, and it has become one of the busiest shopping days of the year. This year, Black Friday will be observed on November 24.
The term "Black Friday" originally referred to the day when retailers would shift from being in the red (operating at a loss) to being in the black (making a profit). Over time, the day has evolved into a major shopping event characterized by large crowds, long store hours, and extensive promotions both in physical stores and online. While Black Friday originated in the United States, it has also gained popularity in other countries, leading to a global shopping phenomenon.
Why are there Black Friday sales?
Black Friday sales kick off the holiday shopping season with enticing discounts for several reasons. It marks the beginning of the crucial holiday shopping period when retailers expect a significant portion of their annual sales.
Retailers offer substantial discounts to attract customers and stimulate early holiday shopping, aiming to boost overall sales. The day also provides an opportunity for retailers to clear out older or excess inventory by offering discounts and making room for new merchandise.
With many retailers participating, Black Friday has become a highly competitive market where stores aim to outdo each other with better deals. Black Friday sales generate significant publicity and media coverage, helping retailers create awareness of their brand and draw more customers.
On Black Friday, stores typically open early in the morning in anticipation of the later rush. Meanwhile, customers often arrive at the store as early as possible, with some even camping outside malls to seize exciting deals and save money on their Christmas shopping.
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