The history of Black Friday started much earlier than people think. The day after Thanksgiving was the unofficial beginning of the Christmas season since the late 19th century. President Lincoln designated the Thanksgiving holiday as the last Thursday in November.
It wasn't called Black Friday then. That's because the name was associated with September 24, 1869. Two speculators created a boom-and-bust in the gold market.
In 1905, Canadian department store Eaton's began the first Thanksgiving Day parade by bringing Santa on a wagon through the streets of downtown Toronto. In 1913, eight live reindeer pulled Santa's "sleigh." By 1916, seven floats representing nursery rhyme characters joined Santa in the parade. (Source: "The Eaton's Santa Clause Parade," University of Toronto.)
In 1924, the Eaton's parade inspired Macy's Department Store to launch its famous Thanksgiving Day parade in New York City. Macy's wanted to celebrate its success during the Roaring 20s. The parade boosted shopping for the following day. Retailers had a gentleman's agreement to wait until then before advertising holiday sales. (Source: History Channel)
In 1939, during the Great Depression, Thanksgiving happened to fall during the fifth week of November.
Retailers warned they would go bankrupt because the holiday shopping season was too short. They petitioned President Franklin D. Roosevelt to move the Thanksgiving holiday up to the fourth Thursday.
Unfortunately, by this time it was late October. Most people had already made their plans. Some were so upset that they called the holiday "Franksgiving" instead.
Only 32 states followed FDR's move. Others celebrated two holidays, which forced some companies to give their employees an extra day off.
In 1941, Congress ended the confusion. It passed a law that made Thanksgiving the fourth Thursday in November no matter what. (Source: Congress Establishes Thanksgiving, The Center for National Archives)
In the 1950s, people began calling in sick the day after Thanksgiving, essentially giving themselves a four-day weekend. Since stores were open, as were most businesses, those playing hooky could also get a head start on their holiday shopping -- as long as the boss didn't see them. Rather than try to determine whose pay should be cut, and who was legitimately sick, many businesses started adding that day as another paid holiday.
Contrary to some accounts popularized on the Internet, Black Friday was not originally the day where slave traders gave discounts at auctions. (Source: Snopes)
The Black Friday name itself didn't become famous until 1966. That's when a story appeared in an ad in The American Philatelist, a stamp collectors' magazine.
Historically, shoppers did half their holiday shopping on Black Friday. The holiday season consists of November and December, according to the National Retail Federation.
In 2008, holiday sales fell 4.6% from prior year. That's the first time sales dropped since the NRF began tracking in 1992. Sales frequently rose 3.4% each year. (Source: National Retail Federation Annual Surveys)
In 2009, sales increased 0.3%. Shoppers spent $373 each on Black Friday. That's more than half of the $673 each spent on average during the 2009 holiday season.
Holiday sales rebounded 5.2% in 2010, once the recession was safely over. Black Friday weekend sales were $45 billion.
In 2011, Black Friday sales were $12.3 billion, up 2.3% from 2010. It was the first year that some stores opened on Thanksgiving evening. So the two days were combined. Overall holiday sales rose 4.6%. (Source: "Black Friday Retail Sales," The Wall Street Journal November 30, 2013.)
In 2013, combined online and store sales for the entire Black Friday weekend were estimated at $57.4 million. It was lower than the $60 million spent in 2012. Many shoppers took advantage of online sales that began in early November while others waited for bigger discounts later in the shopping season.
Holiday sales in 2012 and 2013 rose 2.7% each year. In 2014, shoppers spent 4.1% more than the prior holiday season. In 2015, sales increased by 3.0 %. (Source: Holiday Sales History, National Retail Federation.)