Black Friday: the unoffical holiday of impulse buys, endless queues, and deals so good they demand a second (or third) coffee to conquer. It’s a retail phenomenon, but behind the flash sales and midnight shopping marathons lies a complex economic and environmental story. While it may seem like a harmless celebration of consumption, and an excuse for a shopping spree, Black Friday raises serious questions about sustainablity, economic efficiency and the long-term viability of our consumer habits.

According to the NRF, over 76.2 million people participated during Black Friday 2023. I also attempted to find out sales revenue, although there is varying information available online. Likely, Black Friday garners around $60-$80 billion globally, and that’s just in online sales. Both of these statistics are difficult to fact check, but you can gather the sheer size and scale of this day. For businesses, it’s an opportunity to boost revenues and clear out inventory. For consumers, it’s a chance to snag bargains and indulge in pre-holiday sending. But this frenzy perpetuates a serious cycle of overproduction, overconsumption and waste.

From an economic perspective, Black Friday emodies planned obsolescence. This is the practice of designing products with a limited lifespan to encourage repeat purchases. Retailers leverage markdowns to move excess inventory, often at the expense of quality and durability. Fast fashion brands are notorious for this, producing cheap, trendy items designed to be worn a handful of times before being discarded. Economically, this strategy may boost short-term revenues, but it’s hardly efficient in the broader sense. The constant churn of products depletes resources, creates waste, and undermines the potential for sustainable economic growth.

For consumers, the allure of Black Friday is rooted in behavioural economics. Psychological concepts like loss aversion and anchoring are at play—people fear missing out on deals (loss aversion) and perceive discounts as more valuable than they often are (anchoring). Retailers exploit these tendencies, using tactics like limited-time offers and inflated “original prices” to drive urgency. The result? People buying items they don’t need, or worse, can’t afford. According to a 2021 survey, 42% of Black Friday shoppers admitted to making purchases they later regretted.

From a sustainability perspective, the environmental cost of Black Friday is sobering. You can view this article for more information.

So, how do we rethink Black Friday without completely abandoning its economic potential? I would say our best bet is the circular economy where products are designed for longevity, reuse, and eventual recyling. Retailers can embrace this by offering repair services, promoting second-hand sales, or creating buy-back programs to keep items in circulation. Patagonia’s “Worn Wear” initiative, for instance, allows customers to trade in used clothing for store credit, blending economic incentives with sustainable practices.

We can also focus on sustainable consumption. Instead of indulging in impulsive purcahses, consumers can practice conscious consumerism.

Rethinking Black Friday isn’t about cancelling consumerism. Instead, we should try our best to redefine it. If we focus on value, transperency, and longevity, we can transform this day of excess. For shoppers, this means asking, “Do I need this? Will I use it? How long will it last?” For retailers, it means shifting from volume-driven profits to sustainable growth strategies. And for policymakers, it means creating an environment where ethical practices are not just encouraged but rewarded.