bbc.com
Black Friday 2023: $70.9 Billion in Global Online Sales
Black Friday, originating from an 1869 financial crisis, is now a global shopping phenomenon; 2023 online sales reached $70.9 billion, an 8% increase from 2022, driven by internet expansion and retailers shifting from losses to profits.
- What is the global economic impact of Black Friday, and how has it changed over time?
- Black Friday, originating from a 19th-century financial crisis, has evolved into a global shopping phenomenon, with 2023 online sales reaching $70.9 billion globally—an 8% increase from 2022. Retailers initially used the term to describe their shift from financial losses to profits. Now, it signifies massive discounts and crowds.
- What are the potential future implications of Black Friday on global retail strategies and consumer behavior?
- Future trends likely involve further global expansion, potentially incorporating more diverse sales strategies and online promotions beyond a single day. The influence of Black Friday may also lead to earlier holiday shopping seasons, pressuring retailers to adjust their supply chains and marketing accordingly.
- How did the date of Black Friday become established, and what factors influenced its shift from a localized to a global phenomenon?
- The transformation of Black Friday from a localized US phenomenon to a global event is largely attributed to the internet, enabling international retailers to participate. The date, initially tied to Thanksgiving, was influenced by commercial pressures and later standardized by Congress to secure a longer pre-Christmas shopping period.
Cognitive Concepts
Framing Bias
The article's framing is largely neutral, presenting a historical overview of Black Friday rather than advocating for or against it. However, the positive spin given to retailers adopting the term in the 1980s could be considered slightly biased.
Language Bias
The language used is largely neutral and objective, using descriptive terms appropriately. The only potential issue is the use of phrases like "major shopping day" which implicitly frames the event positively.
Bias by Omission
The article focuses heavily on the history and etymology of Black Friday, but omits discussion of its economic and social impacts, such as its effect on small businesses, worker exploitation, or the environmental consequences of increased consumption. A more complete picture would include these perspectives.