Today, Friday 29/11, Black Friday is in the market and an opportunity for consumers to shop at lower prices, although the Union of Consumer Workers of Greece (EEKEE) of GSEE recommends not to be tempted by seemingly impressive offers and to be particularly careful to not to fall victim to fraud.

If you’re planning to buy an item on Black Friday, it’s worth doing some price comparison research beforehand to make sure you’re getting the best deal as a major ‘myth’ of the day is that prices are always the lowest on Black Friday.

Let’s see what is NOT true about Black Friday

Myth 1: Black Friday got its name from a stock market crash

Some claim that the history of Black Friday is linked to a stock market crash, as the color black is associated with dark days in the stock markets.

For example:

  • Black Tuesday marked the 1929 Wall Street Crash that triggered the Great Depression.
  • Black Monday refers to a global stock market crash in 1987.
  • Black Wednesday saw the collapse of the value of the British pound sterling in 1992.

In contrast, the first recorded use of the term Black Friday described a crash in the US gold market in 1869, but this is not related to today.

Myth 2: Retailers always see their biggest profits

While Black Friday is known for boosting retail sales, it doesn’t guarantee record profits for all businesses. According to BIMA, deep discounts offered can squeeze margins, and the rise of online shopping and other sales events such as Cyber ​​Monday has reduced the impact of Black Friday.

Retailers aim for volume, not high margins.

Myth 3: Black Friday is the biggest shopping day

This is not so much a myth as a variable measurement. While in some years it may indeed be the biggest shopping day, in others it loses that title to the following Monday known as Cyber ​​Monday – or Super Saturday, which is the last Saturday before Christmas and often brings the most sales for businesses.

In 2023, Cyber ​​Monday sales generated a record $12.4 billion in online sales, surpassing Black Friday’s $9.8 billion, according to data from Adobe Analytics.

Myth 4: Black Friday only happens in the US

As it originates from the USA, traditionally associated with the national holiday of Thanksgiving in November, it is considered to be confined there. However, it has expanded to other countries over the years as retailers aim to capitalize on its success.

Now, more than 100 countries have some form of Black Friday sales.

Myth 5: Prices are always the lowest on Black Friday

While Black Friday is known for its deep discounts, some of the items on sale may be sold at lower prices in other periods during the year.

One of the reasons why Black Friday has become controversial is that some retailers mislead consumers raising the prices of items ahead of Black Fridayso they can claim to be selling them at a lower price on the same day, even though they were actually cheaper earlier in the year.