Here’s a deep dive into the origins of one of America’s biggest consumer events.
For most of us, the day after Thanksgiving means two things: leftovers and sales. Black Friday has evolved into a nationwide retail phenomenon where people line up for hours and scramble for discounts, marking the official start of the holiday shopping season. But behind the flash sales and frenzied crowds lies a history full of unexpected twists and urban legends. From 19th-century financial crashes to Philadelphia’s bustling streets, the roots of Black Friday are more complex (and far less cheerful) than you might think. Let’s dig into the origin story of the day we’ve come to love, hate, and spend.
It All Started With a Financial Crash—Not Shopping Deals
The term “Black Friday” was first used long before retail giants got involved. In fact, it dates back to the 1869 financial panic caused by two greedy Wall Street financiers, Jay Gould and James Fisk. The duo attempted to corner the gold market, driving prices sky-high and triggering a market crash that rippled across the U.S. economy. Newspapers of the time dubbed the disastrous day "Black Friday," marking it as a time of national financial woes.
While this origin might seem unrelated to the shopping frenzy we know today, the shared name highlights a common theme: a dark day for financial markets. It wasn’t until almost a century later that the term Black Friday was rebranded into the commercial juggernaut we recognize now.
The Philadelphia Connection: A City’s Traffic Nightmare
The next chapter in Black Friday’s evolution takes us to 1950s Philadelphia. The term was used by local police officers to describe the chaotic day after Thanksgiving when the city would flood with suburban tourists. People swarmed the city not only to shop but also to catch the Army-Navy football game, held annually on that Saturday. The influx caused massive traffic jams, packed sidewalks, and overwhelmed law enforcement—who began calling it “Black Friday” as a term of dread.
Retailers initially resisted the negative connotation, trying to rebrand it as “Big Friday” to no avail. The name stuck, though, and the day continued to be associated with chaos and overcrowding. It wasn’t until the 1980s that a new story began to emerge, transforming the narrative of Black Friday from a dreaded mess to a celebration of consumerism.
How Retailers Made the Day Their Own
The shift from a day of chaos to a shopper’s paradise didn’t happen overnight. In the 1980s, retailers pushed a new explanation: the day was called Black Friday because it was when stores moved "into the black," or became profitable for the year. Before computerized accounting, businesses used red ink to show losses and black ink to indicate gains. By the time Thanksgiving rolled around, the holiday shopping surge could help boost their profits significantly.
This financial spin was genius. It reframed Black Friday as a positive event for both stores and shoppers, promoting it as the best time to score deals and kick off holiday shopping. The narrative stuck, and by the 1990s, Black Friday had cemented its place as a national retail holiday, with stores opening earlier and offering more aggressive discounts each year.
Will Black Friday Survive in a Changing Retail Landscape?
In the age of online shopping and evolving consumer habits, the traditional Black Friday might be on its way out—or at least transforming. With the rise of e-commerce giants like Amazon, the idea of waking up at dawn to wait in line feels increasingly outdated. Events like Cyber Monday and even pre-Thanksgiving sales have changed the way we approach holiday shopping, spreading out the frenzy over several weeks instead of just one day.
There’s also the growing movement towards sustainability and mindful consumption, with shoppers opting to support local businesses or participate in “Buy Nothing Day” as a form of protest against consumerism. Still, for many, the nostalgia and ritual of Black Friday remain strong, even if it’s mostly about scoring deals from the comfort of their couch.
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