Black Friday is the official start of the Holiday shopping season. Because many people are not required to work the day after Thanksgiving, retailers hope to attract consumers to shop. In order to entice would be consumers to their stores, many retailers will offer discounts on popular store items. Otherwise, consumers would have no incentive to shop on Black Friday. In some places, especially in the Midwest, shoppers will usually experience cold weather on the day after Thanksgiving, but most people will come prepared to stand in long lines and to bear the winter air.
The overall sales results for the day after Thanksgiving are always a guessing game. Yet, until Black Friday arrives, economists and others will predict if the American consumer is going to be a “cheerful buyer” or “Scrooge” during the Holiday shopping season. When the consumer confidence number is high, economists expect more people to shop and to spend more money on the day after Thanksgiving. On the other hand, if consumer confidence number is low, then economists expect less people to shop and to spend less money on the day after Thanksgiving.The importance of Black Friday cannot be ignored. First, the day sets the barometer for the Holiday shopping season. Positive sales results on Black Friday could help to improve consumer confidence in the U.S. economy. Additionally, improved retail sales numbers may encourage retailers to create more jobs in the near term. Unfortunately, some employers may consider further layoffs or a hiring freeze because of lackluster sales results on the day after Thanksgiving.
Remember, Black Friday will always be a day reserved for bargain hunters. Retailers want people to spend money in their stores, while shoppers want to find deep discounts in these stores. Economists will spend their time predicting the Black Friday sales results; after the Thanksgiving weekend, these same economists will probably discuss the impact of the sales results on the overall economy.