Unlocking the Enigma: Unveiling the Intriguing Origins, Historical Significance, and Soaring Popularity Behind Black Friday – Retail’s Unmissable Post-Thanksgiving Shopping Extravaganza
Unlocking the Enigma: Unveiling the Intriguing Origins, Historical Significance, and Soaring Popularity Behind Black Friday – Retail’s Unmissable Post-Thanksgiving Shopping Extravaganza
The Excitement of Black Friday in the World of Luxury Fashion
The day after Thanksgiving, which falls on Nov. 23 this year, is marked by one of the most significant retail events of the year: Black Friday.
In 2023, luxury retailers and brands, including Nordstrom, Amazon, Saks Fifth Avenue, Bloomingdale’s, Everlane, Skims, and more, are starting Black Friday discounts weeks in advance. According to a report released by Coveo, a Quebec-based SaaS search engine powered by artificial intelligence, earlier in November, 58 percent of retailers are focusing on Black Friday and Cyber Monday/Cyber Week to drive revenues in the fourth quarter.
The Impact of Black Friday in Luxury Fashion
Over the years, luxury fashion retailers have been continuously challenged to find ways to stand out in the sea of deals. In 2022, RetailNext Inc., a retail intelligence firm tracking traffic at brick-and-mortar stores, reported a 2.5 percent increase in store traffic for Black Friday through Sunday compared to 2021. However, according to The NPD Group, Thanksgiving, Black Friday, and Small Business Saturday sales were 5 percent lower in 2022 than the same week in 2021, with unit sales experiencing an 8 percent decline.
The Origins of Black Friday
A day associated with bargain hunting and frantic shopping, Black Friday became a well-established tradition in the United States in the late ’80s. However, its origins trace back to long before that.
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