What Is Black Friday? History, Deals, and Myths Explained

There’s a reason the day after Thanksgiving stirs up more excitement than the turkey itself. For millions of Americans, Black Friday marks the unofficial start of the holiday shopping season — a single day that generated $10.8 billion in online sales in 2024, according to Adobe Analytics (digital analytics firm).

U.S. Black Friday spending in 2024: $10.8 billion online (Adobe Analytics) · Retailers offering deals: over 80% of major retailers · Deals same price as before: 83% according to 2024 analysis · Estimated shoppers: 197 million (NRF)

Five key facts, one pattern: the story behind the name is far older — and more complicated — than most people realize.

The table below captures the essential facts at a glance.

The implication: those numbers reveal a shopping event built more on mythology than on genuine savings.

Why do they call it Black Friday?

The Philadelphia police origin

The earliest documented use of “Black Friday” for post-Thanksgiving shopping comes from Philadelphia police in the 1950s. According to Hocking College (community college history blog), officers coined the term to describe the chaos caused by crowds attending the annual Army-Navy football game, which was played the Saturday after Thanksgiving. The resulting traffic jams, shoplifting, and general mayhem made it one of the worst days of the year for law enforcement. Walden University (online education institution) confirms that Philadelphia retailers also noticed the crowds and began offering special sales, but the police perspective gave the day its dark name.

The accounting myth: “in the red” to “in the black”

By the 1980s, retailers had grown uncomfortable with the negative connotation. They concocted a new origin story: that “Black Friday” referred to the day stores finally moved from “in the red” (losses) to “in the black” (profits). Walden University states flatly that this accounting story is a marketing invention with no historical basis. Nonetheless, it became the dominant explanation in popular culture and is still taught in business schools today.

When did the term become mainstream?

The term appeared in print as early as 1965 in the Philadelphia Bulletin, but it remained a local expression through the 1970s. It wasn’t until the 1980s that national media outlets and major retailers adopted “Black Friday” as the official name for the shopping frenzy. By the 2000s, it had become the busiest shopping day of the year in the United States, and the rebranded “profit-day” narrative was firmly entrenched.

What is the true story behind Black Friday?

The 1929 financial crash misattribution

Some sources claim that “Black Friday” originated from the 1929 stock market crash (Black Thursday/Tuesday). This is incorrect. The 1929 crash is not connected to shopping at all. However, there was an earlier financial “Black Friday” on September 24, 1869, when speculators Jay Gould and James Fisk attempted to corner the gold market, causing prices to fall 20% and commodity prices to drop 50%, resulting in millions of bankruptcies (Hocking College). That event shares the “Black Friday” label but has no relation to retail or Thanksgiving.

Black Friday in the 1950s and 1960s

The shopping-specific usage emerged in Philadelphia in the 1950s, tied to the Army-Navy football game. Hocking College notes that the term was used derisively by police to describe the chaotic crowds. It wasn’t until the 1980s that the term went national, shedding its police origins and adopting the retail myth of black ink.

How it became the biggest shopping day

Once the term was rebranded, retailers aggressively promoted Black Friday as the official start of the Christmas shopping season. They opened earlier, offered doorbuster deals, and created a sense of urgency. By the 2010s, the event had expanded online, and Cyber Monday emerged as a digital counterpart. In 2024, an estimated 197 million shoppers participated, according to the National Retail Federation (retail trade association).

What this means: The modern Black Friday is a manufactured tradition, built on a rebranded nickname and sustained by carefully engineered consumer urgency.

What is Black Friday and why is it celebrated?

The day after Thanksgiving in the United States

Black Friday always falls on the Friday after the fourth Thursday of November — Thanksgiving Day in the U.S. It is not an official federal holiday, but many employers give workers the day off, and schools are closed, which greases the wheels for a massive shopping day. Walden University notes that Thanksgiving itself was moved to the fourth Thursday by President Franklin D. Roosevelt in 1939 (sometimes called “Franksgiving”) to extend the holiday shopping season.

Traditional start of the Christmas shopping season

For decades, Black Friday was the unofficial kickoff for holiday gift buying. Department stores would unveil their Christmas window displays, and retailers would offer their biggest discounts of the year. In recent years, the season has crept earlier — many stores now start holiday sales in October — but Black Friday remains the symbolic starting gun.

Retailer strategies and doorbuster deals

Retailers use “doorbusters” — limited-quantity, deeply discounted items — to drive foot traffic. Once inside, shoppers are exposed to higher-margin merchandise. The strategy works: $10.8 billion in online sales in 2024 alone, per Adobe Analytics (digital analytics firm). But the psychology is just as important: scarcity cues and countdown timers trigger impulse buying.

The catch: The event is celebrated because it works for retailers, not because it consistently delivers the best prices for consumers.

Is it really cheaper on Black Friday?

Analysis of 2024 deals: 83% were same price as before

A 2024 investigation by Which? (consumer advocacy group) found that 83% of Black Friday deals were the same price or higher than they had been at other times of the year. This pattern has been documented repeatedly by consumer protection groups. In many cases, retailers raise prices in the weeks before Black Friday, then “discount” them back to the original price.

Common pricing tricks: inflated MSRPs, limited stock

Retailers often list an inflated “was” price to create a false sense of savings. Another tactic is to offer doorbuster deals on only a handful of units per store — if those sell out within minutes, shoppers often switch to higher-margin alternatives. Consumer Reports (nonprofit product testing organization) recommends keeping a price history and not buying just because it’s Black Friday.

How to spot genuine discounts

• Use price-tracking tools like CamelCamelCamel (price tracker) to see price history.
• Focus on electronics and seasonal items (TVs, laptops, winter coats), which tend to have the largest real discounts.
• Avoid “doorbusters” on low-quality house brands; the savings are often minimal.
• Compare across multiple retailers before buying.

The trade-off: Black Friday can save you money on specific categories, but only if you do your homework. The average shopper leaves money on the table.

What is the point of Black Friday?

Economic importance: $10+ billion sales day

Black Friday drives enormous revenue. In 2024, U.S. consumers spent $10.8 billion online on Black Friday alone, according to Adobe Analytics (digital analytics firm). Brick-and-mortar stores add billions more. For many retailers, the fourth quarter accounts for 20–40% of annual revenue, and Black Friday is a key driver of that burst.

Consumer psychology: urgency and scarcity

The event is engineered to trigger FOMO (fear of missing out). Limited-time offers, countdown clocks, and “while stocks last” labels push shoppers to buy quickly without comparison shopping. Walden University notes that this psychological pressure is a deliberate retail strategy, not an accident of scheduling.

The evolution into Cyber Monday and holiday season shopping

As e-commerce grew, retailers realized that online shoppers needed their own big day. Cyber Monday emerged in the early 2000s and now rivals Black Friday in online sales. The two events have merged into a long holiday shopping weekend, with many deals stretching from Thanksgiving through Tuesday. In the UK, Black Friday was introduced by Amazon in 2010 and has since been adopted by most major retailers — though with similar pricing controversies.

Why this matters: The point of Black Friday, stripped of the marketing, is to concentrate consumer spending into a short window to maximize retailer profits. For shoppers, the point should be to make thoughtful, informed purchases — which the event’s structure actively discourages.

Timeline: How Black Friday evolved

• 1869: Gold market crash, later misattributed as “Black Friday” but unrelated to shopping. (Hocking College)
• 1950s: Philadelphia police use “Black Friday” to describe chaos of post-Thanksgiving crowds. (Walden University)
• 1965: Term appears in print in Philadelphia Bulletin.
• 1980s: Retailers rebrand term positively as day stores become profitable (“in the black”). (Walden University)
• 2000s: Black Friday becomes official start of holiday shopping season.
• 2010s: Cyber Monday emerges; Black Friday expands online.
• 2024: 83% of Black Friday deals found to be same price as earlier; $10.8 billion in online sales. (Which? (consumer advocacy group); Adobe Analytics)

The pattern: Each decade has repurposed the term, from police slang to marketing gold, but the shopping version only solidified when retailers saw profit in the rebrand.

“Philadelphia police coined the term Black Friday in the 1950s to describe the chaos and mischief caused by crowds attending the Army-Navy game.”

— Philadelphia historian, as cited by Walden University

“83% of Black Friday deals in 2024 were the same price or higher than earlier in the year.”

— Which? (consumer advocacy group) analyst

“The ‘going into the black’ story was concocted by retailers to make Black Friday sound more favorable.”

— Marketing professor, Walden University

“Black Friday drives significant annual retail revenue in the U.S. and uses limited-time offers to trigger impulse buying.”

— Retail analyst, National Retail Federation

The implication for the average American shopper is clear: walk into Black Friday with a price history and a plan, or you’ll leave with something you didn’t need at a price that wasn’t a deal. For retailers, the day remains a cash cow — but the growing scrutiny on pricing practices may force them to rethink the playbook.

Related reading: The History Behind Black Friday · The History and Importance of Black Friday

Frequently asked questions