Black Friday: The Apex of Consumerism and Overspending
Here we are today: the most anticipated and talked about shopping day of the year. The day that marks the unofficial start of the holiday season. Since 2005, Black Friday has become the busiest retail day of the whole year, both in terms of pedestrian traffic at shopping centers and in terms of actual sales volume.
Almost all big retailers participate in such an event with hopes of luring consumers and increasing their sales. But this concept has also permeated into the financial services industry with ING Direct and Service Credit Union adopting the newly created tradition of special sales promotions on Black Friday.
There are several explanations for the origin of the term “Black Friday”, but the one that really stands out for me personally is that it indicates the period during which retailers begin to turn a profit for their fiscal year, or go “in the black.” For anybody with basic accounting training, this means that a debit on their books, becomes a credit somewhere else… where? that would be on YOUR books, “in the red.”
Today, just like David from MoneyNing.com, I’m staying at home enjoying a relaxing day. But if you are shopping this Black Friday, I wish you much commensuration and conscience when venturing out there for a good sale. Be careful with overspending what you don’t have, and getting yourself into more debt that you may lament later.
Happy Shopping Day!
Image courtesy of inacentaurdump.