The True Story Behind Black Friday
Black Friday is the last Friday of November each year. During this day, the merchants and stores open and offer various sales.
But, what is the true story behind the name “Black Friday”?
The term dates back to 24 September 1869 when two investors, Jay Gould and Jim Fisk, drove up the prices of gold and dropped 20% in the stock market and foreign trade stopped. Farmers suffered a 50% dip in wheat and corn harvest value.
Also, the term “Black Friday” was used in 1950 by the police of Philadelphia. They referred to the day before Thanksgiving when a number of tourists came from the suburban areas into the city to begin their holiday shopping and to attend the army-navy football game.
The police had to work long hours to handle the crowd and traffic jams, accidents, and other issues.
Today, most people know Black Friday as the day that stores offer massive discounts and sales. It’s believed that businesses operate at a financial loss, or are “in the red” until the day after Thanksgiving, when the massive sales finally allow them to make a profit.
However, many people utilize this day by purchasing many things that they’ve been waiting for all year round.
What do you like to buy on Black Friday?