November 22, 2023
AP News recently published an article featuring Jay Zagorsky, Associate Professor of Markets, Public Policy, and Law, discussing Black Friday and information about the holiday sales event’s history and evolution.
With factors like inflation and an increase in online shopping that was accelerated by the COVID-19 pandemic, Black Friday may not be as chaotic as it was just decades ago. In addition to the growing strength of e-commerce, the prices of some big-ticket items that historically attracted in-person customers are significantly cheaper than they were decades ago.
Zagorsky adds, “About 20 years ago, a new flatscreen TV would typically go for several thousand dollars — meaning that a 15% or 20% off Black Friday deal could mean saving hundreds. But today, consumers can find a comparable 32-incher for as low as $80.”
Although Black Friday is getting gradually less important, the holiday sales event is unlikely to disappear completely.