The week of the biggest holiday in the United States has arrived. This Thursday (22), the country celebrates Thanksgiving, a day when families and friends gather to celebrate and give thanks together for the blessings they have received throughout the year.
Everyone who lives in the United States (and many who do not) knows that after eating plenty of turkey and apple pie on Thanksgiving, it’s time to hit the stores for the biggest sale of the year, Black Friday.
Black Friday
Black Friday is a colloquial term for the Friday after Thanksgiving in the United States. It traditionally marks the beginning of the Christmas shopping season in the country. Many stores offer products at heavily discounted prices and usually open very early, sometimes at midnight.
Sales made on Black Friday are often considered a decisive test for the overall economic condition of the country and a way to gauge American consumer confidence. Those who share the view that spending drives economic activity see lower Black Friday sales figures as a harbinger of slower economic growth.
Small Business Saturday
Small Business Saturday is a day dedicated to supporting and celebrating small businesses in the United States. Launched in 2010 by American Express, it is celebrated on the Saturday after Thanksgiving to encourage consumers to shop at local stores.
This annual event occurs between Black Friday and Cyber Monday to help small business owners capitalize on the shopping season. Above all, the date aims to draw attention to the importance of shopping at local small businesses, which are the backbone of the country’s economy.
Since its inception in 2010, consumers in the U.S. have spent nearly $140 billion on Small Business Saturdays. Last year, consumer spending reached $19.8 billion in this sector.
Cyber Monday
Cyber Monday refers to the Monday following Thanksgiving. Just as brick-and-mortar stores have Black Friday, online retailers typically offer special promotions and significant discounts on this day. The first Cyber Monday took place in 2005, launched to promote online retail (which at the time was still relatively niche). Since then, online shopping has grown rapidly, and Cyber Monday has grown with it. While Cyber Monday sales totaled a relatively modest $484 million in 2005, by 2019 they had surged to a record $9.4 billion.
This shows how quickly Cyber Monday has established itself as one of the most important days of the year for online retail and seems destined for further growth in the coming years, as people are increasingly inclined to shop online.
Giving Tuesday
Giving Tuesday is a global initiative that encourages individuals and organizations to donate their time and money to charitable causes on the Tuesday following Thanksgiving in the United States. The initiative was created in 2012 as a collaborative project of the 92nd Street Y in New York and the United Nations.
Focusing on altruism and awareness of those in need, the Giving Tuesday movement serves as a counterbalance to the consumerism embodied by the events that precede it on the calendar: Black Friday and Cyber Monday.
More than 2,500 nonprofit organizations participated in Giving Tuesday in its first year, raising approximately $12 million in funds through online donations.
Since then, the impact of the movement has increased dramatically, with the 2021 event helping to generate $2.7 billion in total donations just in the U.S., a 9% increase from 2020.
The day has become a phenomenon not only in the U.S. but also globally, with over 80 countries claiming their own national movements during Giving Tuesday.