Black Friday 2022: Why It’s Crucial

Photo by Anna Dziubinska on Unsplash  

Need a reason to shop this holiday season? Well, here it is. Think of it like this: every transaction you make during Black Friday can contribute to the health of the economy. The influx of money spent during Black Friday significantly boosts the economy. It is a day with increased spending, trading, and higher returns. In addition, Black Friday also evaluates discretionary spending and consumer confidence in the United States economy. In 2021, 155 million shoppers spent an astounding $886.7 billion dollars. This was 14.1% higher than 2020, the highest increase of sales ever. The average shopper spends $301.27, meaning not only do more people shop on this day, but they shop big. An estimate of over 20% of total sales for many retailers are made on this day. Black Friday sets up retailers to meet their financial goals and make more revenue than any other day in the year.

Origins and Evolution

Black Friday was originally created by retailers as a day to launch the holiday shopping season with a bang and attract excited customers. Over the years, it has grown increasingly popular to the point where it is not only thought of as busy, but very over-the-top with people going to extreme lengths such as waiting in line for stores to open overnight for twelve hours.  The term “Black Friday” gained its popularity as a way to describe chaos that occurs with long lines and unbelievable sales. As much of Black Friday has moved online, the day gives brick and mortar shops a chance to compete with the internet and increase their foot traffic. 

Online Shopping

With the success of Black Friday, Cyber Monday has also popped up in recent years. Shoppers spent $10.7 billion in 2021, and generally consumers spend more money on this day than during Black Friday. However, while significant sales are made during Cyber Monday, the majority of online shopping still occurs with Black Friday sales. Around 88 million Black Friday shoppers reported that they shopped online in 2021, 11 million more shoppers than 2021 Cyber Monday.

Black Friday 2022

Black Friday this year is expected to be different from the previous years due to the effects of the COVID-19 pandemic. While there will still be numerous sales in store, many options are also moving online. It is expected that the amount of discounts and offers will increase as stores aim to make up for lost revenue in the last two years. Sales are beginning earlier than Friday, in an effort to increase the holiday spending period and circumstantially decrease the chaos of the day. While there is still inflation to take into account, sales are still expected to increase this year as more consumers feel comfortable going to brick-and-mortar stores, and many sales have been extended to the Wednesday before Black Friday to Cyber Monday. Black Friday this year is more critical than ever before as it gives stores a chance to recover from the losses they faced in the past two years and continue their livelihoods.