New Delhi [India]: Black Friday is here and the world is going crazy! It is considered the perfect way to kick-start your Christmas shopping while keeping a check on your budget.
Black Friday is observed after Thanksgiving. This time, it’s happening on November 25.
While e-commerce sites and large brands come with once in a life time deals, every year, the history of Black Friday is surrounded by many myths.
The most popular myth still remains that stores stop recording losses, by giving away large discounts.
Businesses assumed that great bargains would result in them making large profits because gains are recorded in black and losses in red on accounting records.
Another theory regarding Black Friday says that the name is derived from Philadelphia Police Department.
As per reports, the phrase has little to do with shopping.
The phrase “Black Friday” was first used by Philadelphia’s police departments in the 1950s to characterise the chaos that followed Thanksgiving.
At that time, a football game would draw hundreds of suburban tourists into the city, which would be problematic for the police.
At that time, the phrase was also used by numerous metropolitan businesses to describe long lines outside their stores and shopping craziness.
The day was initially called “Big Friday” by business owners in 1961.
But it was never a success.
In 1985, the phrase became increasingly common across America. After 2013, Black Friday gained popularity all around the world.
Before the Christmas and New Year holidays, people try their hands at Black Friday deals.
Even on the day of Thanksgiving, several retailers give offer discounts to customers. Online buyers don’t even need to wait until after midnight to start their purchases.