For centuries, the adjective "black" has been applied to days upon which calamities occurred. Many events have been described as "Black Friday", although the most significant such event in American history was the Panic of 1869, which occurred when financiers Jay Gould and James Fisk took advantage of their connections with the Grant Administration in an attempt to corner the gold market. When President Grant learned of this manipulation, he ordered the Treasury to release a large supply of gold, which halted the run and caused prices to drop by 18%. Fortunes were made and lost in a single day, and the president's own brother-in-law, Abel Corbin, was ruined.
As the phrase gained national attention in the early 1980s, merchants objecting to the use of a derisive term to refer to one of the most important shopping days of the year suggested an alternative derivation: that retailers traditionally operated at a financial loss for most of the year (January through November) and made their profit during the holiday season, beginning on the day after Thanksgiving.[7] When this was recorded in the financial records, once-common accounting practices would use red ink to show negative amounts and black ink to show positive amounts. Black Friday, under this theory, is the beginning of the period when retailers would no longer be "in the red", instead of taking in the year's profits.[7][13][14] The earliest known published reference to this explanation occurs in The Philadelphia Inquirer for November 28, 1981.[15]
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In the Netherlands, Black Friday was seriously introduced in 2015. Some years before, there were already a number of large and small retailers that used Black Friday in their marketing. However, with a total of 35 participating stores, 2015 can be considered the year in which Black Friday started in the Netherlands due to a more widespread support of large retailers. The popularity of Black Friday has grown rapidly in the Netherlands. The number of participating stores has increased to over 125 during the Black Friday period of 2017. For the 2018 edition, 166 shops joined the largest black Friday platform in the Netherlands.[citation needed]
Many people believe we call the day after Thanksgiving "Black Friday" because stores would go from operating at a loss or being "in the red," to earning a profit or being "in the black." While that's technically true, the term's origins are a bit darker.
The most popular myth regarding the history of Black Friday is based on the belief that retail stores spent most of the year in the red according to their balance sheets. When the holiday shopping season arrived, on the day after Thanksgiving, retailers were believed to finally start making a profit. Their balance sheets also reflected this, going from red to black.
Historically, black has been associated with days of economic stress as opposed to days of booming commercial success. The first Black Friday occurred in 1869 after financier Jay Gould and railway businessman James Fisk attempted to corner the gold market, which ultimately resulted in financial panic and the collapse of the market. A little over 60 years later, on October 29, 1929, another stock market crash referred to as Black Tuesday marked the onset of the Great Depression.
The 1980s brought the mythology of Black Friday as we know it today. While the phrases in the black and in the red are used in the business world to describe profits and losses, this explanation for one of the busiest shopping days of the year only came about in the 1980s, about 20 years after the phrase Black Friday was in regular use. be457b7860
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