Black Friday originates from the U.S referring to the stock market crashes in the 1800s, it is a day where millions of Americans have the opportunity to buy their favourite products at potentially under half the price. It is known as the biggest shopping day globally in the largest economy in the world and it is only recently (2010) that this phenomenon has arrived in the UK.
On Friday the 28th November, Britain experienced a huge surge in customers all rushing to the nearest store or shopping online to receive products at a discounted price. It was predicted by Visa that in the UK,shoppers will have spent £514 million online which will make it Britain’s biggest online shopping day in history. Demand is the quantity of goods or services that will be bought at any given price over a period of time. The general rule is, if prices decrease significantly the demand will increase by a huge amount even more so if the product is more elastic, i.e more responsive to a change in demand. This explains the huge increase in consumers on Black Friday.
The stores in the UK had predicted this rise in demand and this was shown through the increasing of staff to deal with more customers and the increase of security to ensure that shopping remained under control. Undercover police had even been hired to make sure that no products were being stolen as the shops were so busy that it was easier for somebody to more subtly carry out a theft. However the police force have stated that they are disappointed in the way the shops have dealt with Black Friday as it was obvious that there would be a huge demand in products as seen in previous years. However numerous stores such as Asda, relied purely on the help of the police, not hiring a huge amount of their own security, in order to cut costs.
By Emma Stevens