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Black Friday 2002 Recap

Black Friday in 2002, which fell on November 29th, occurred during a period of economic uncertainty in the United States, marked by concerns about jobs and a potential war with Iraq. This backdrop led to cautious consumer spending throughout the year, leaving retailers hoping that the traditional kickoff to the holiday shopping season would provide a much-needed boost to their bottom lines. Despite the prevailing anxieties, there was a degree of optimism fueled by the Federal Reserve's recent interest rate cut, which raised expectations of increased consumer cash flow through home refinancing. Retailers anticipated significant crowds drawn by pre-dawn discounts, as Black Friday was already solidifying its reputation as one of the busiest shopping days of the year, crucial for moving from the "red" into the profitable "black."

Industry watchers in 2002 generally predicted a moderate Christmas shopping season, with sales likely better than the sluggish performance seen earlier in the year, but not record-breaking. The sentiment was that while spending on children's gifts would likely remain robust, consumers might be more selective with purchases for other family members and friends, reflecting a "tight to the vest" approach to their finances. E-commerce was also beginning to gain traction, although it still represented a relatively small portion of total retail sales. The focus for brick-and-mortar stores remained on attracting early morning shoppers with deep discounts, a strategy that had become a hallmark of Black Friday and a key indicator of overall holiday retail success.