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What is Black Friday? Everything You Need to Know About the Day

What is Black Friday? Everything You Need to Know About the Day

Black Friday is celebrated on the day after Thanksgiving where shop owners give steep discounts on their products. It is the perfect occasion to shop and has now become a tradition globally.

Black Friday is celebrated a day after Thanksgiving which is the fourth Friday of November. It is observed prominently in the United States but over the years the tradition has spread to other regions as well. The day marks the beginning of the holiday season or the shopping season. This year it falls on November 27.

On this day, retailers offer steep discounts on products for the customers to increase their sales. Many stores open as early as midnight on Thanksgiving or before. Although Black Friday is not an official holiday, some states in the US declare it a holiday for the government employees.

Why is it called Black Friday?

Due to the increased sales owing to the huge discounts offered by the retailers, the day after Thanksgiving becomes one of the most profitable days of the year. The accountants use black entries to indicate profit in their books, while the red entries indicate losses. On this day, the businessmen see a lot of positive earnings resulting in black entries. Hence, the day came to be known as Black Friday. According to the National Retail Federation of the US, the holiday season, which kicks off with Black Friday, accounts for about 20 per cent of the annual sales for many retailers.

Black Friday this year

Unfortunately, this year the shopping season may look very different from the past on account of the unprecedented situation created by the ongoing COVID-19 pandemic. Several restrictions have been placed in various towns and cities and markets don’t seem as busy as they used to be. Instead, online shopping has gained a lot of popularity as major e-retailers have lined up huge discounts on products.

The holiday shopping season in 2020 may look very different from past years because of the COVID-19 pandemic. Amazon, Walmart, Best Buy, Home Depot and several others have already started offering early deals to promote sales.

Black Friday in India

Since Black Friday is prominently observed in the US, it is little known here. India has its own holiday season which coincides with Diwali, Dussehra and other festivals. Over the years prominent retailers have started offering Black Friday discounts too. This year some of the biggest e-commerce retailers are celebrating the day in India as well. Flipkart and Amazon have put up steep discounts for Indian customers celebrating Black Friday.