Prof G Markets: Black Friday, Cyber Monday, and Consumer Culture

Origins

Scott Galloway delves into the origins of Black Friday, tracing its roots back to the 1970s when retailers sought to attract holiday shoppers. He shares a personal anecdote about his childhood experience with holiday sales, highlighting the stark contrast between his family's economic situation and the consumer frenzy around him. Galloway recalls his mother's strategy of buying discounted items after Christmas, which he describes as both smart and dystopian 1.

I fucking hate the holidays. I hate everything about them. Every who down in Whoville liked Christmas.

--- Scott Galloway

Katherine Cullen from the National Retail Federation explains that Black Friday has become a nostalgic American tradition, offering great deals on top gift items and serving as a significant sales day for retailers 2.

   

Consumer Trends

Consumer behavior during Black Friday has evolved, with many opting for online deals over the chaotic in-store experience. Scott Galloway describes the spectacle of crowded malls and the pressure on consumers to find the best deals, often leading to stressful shopping experiences 3.

I've gone to malls where people act like idiots and push each other.

--- Scott Galloway

Katherine Cullen notes that while Black Friday remains important, the pressure has shifted as consumers spread out their holiday shopping due to supply chain issues and inflation. This trend has been accelerated by the pandemic, with many consumers continuing to invest in goods rather than services 4.