Consumer spending accounts for 70% of US GDP, making Black Friday significant

Some people are against Black Friday, saying it promotes consumerism

This comprehensive podcast video episode from NYU Professor Scott Galloway offers a deep dive into the economics of Black Friday, Galloway believes Black Friday allows corporations to exploit the worst parts of Americans’ consumerist impulses, and warns Americans should not believe purchasing things leads to greater happiness.

Many economists see Black Friday as a litmus test for consumer confidence

Some investors and analysts look at Black Friday’s sales numbers as a way to gauge the overall health of the retail industry—and consumer confidence at large. However, others don’t believe Black Friday results have a particularly significant impact on markets, arguing that the figures only cause short-term gains or losses.

US holiday retail sales reached $973B in 2024

In 2024, US holiday retail sales reached $973B—nearly one-fifth of annual sales. Many companies depend on this season to bolster revenues.

Online Black Friday shoppers spent over 10% more in 2024 than they did in 2023

Online shoppers shelled out some $11.3M per minute between 10 am and 2 pm on Black Friday 2024, according to Adobe Analytics data. The $10.8B online shoppers spent on Black Friday 2024 was more than double the amount they spent online in 2017.

A boom hit after WWI, with consumerism usurping frugality as an American value

When American soldiers returned home after WWI in the 1920s, they found a country ready to spend money, make a home, and indulge in creature comforts after wartime rationing. This uptick in US wealth and production led to job opportunities for advertising experts.

Visualizing how Americans spend their money

Almost half of all American consumer spending goes toward transportation and housing, at least according to 2023 data from the Consumer Expenditures Survey by the Bureau of Labor Statistics. The survey found that the average American spends roughly $25K per year on housing. This colorful pie chart helps visualize shows how the average American spends their annual earnings—click here to see it.

Credit cards were the fourth-highest source of US consumer debt as of 2024

US consumer debt nationwide totaled $17.9T as of 2024 Q3. Mortgage debt ranked as number one, with student loan debt coming in at number two.

The Black Friday Archive collects Black Friday ads from the past 25 years

The archive features advertisements from notable retailers such as Bath & Body Works, Gap, and The Home Depot, among others. These ads span from the years 2000 to 2024, in addition to some from early holiday sales at Macy’s in 1963.

Advertising-related activity may have supported roughly one in five American jobs as of 2024

That’s according to a study commissioned by The Advertising Coalition, conducted by S&P Global Market Intelligence, which also found that the advertising industry powered more than 20% of total US economic output at the time.

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

American Express created 'Small Business Saturday' in 2010

As small businesses across the US were still reeling from the Great Recession, American Express came up with the idea of "Small Business Saturday" to help drive consumer spending to small businesses. Small Business Saturday is the day after Black Friday. In 2011, the Senate passed a resolution supporting Small Business Saturday, and, since then, it's become nationally recognized.

An estimated 91% of all Americans had used a coupon at least once as of 2022

Coupon use accelerated during the Great Depression, when the US unemployment rate reached nearly 25 percent. While coupons were invented in the late 1800s, they became more popular during the Depression as a way to stretch household budgets during the era’s economic hardships. Companies soon began distributing coupons via newspapers and women’s magazines.

Every Thanksgiving, Americans eat over 40 million turkeys

That's 50% of all whole turkeys sold in the US in a given year. (Most of the remaining 50% are purchased for Christmas.)

The global economy runs on US dollars

Nearly 90% of international trade in 2019 was processed in US dollars. It's not only the most circulated currency in the world but also considered one of the most stable.

Student debt has a widespread economic impact

Student debt is no different than the big rent or car payment that comes out of someone’s paycheck every month: Its presence affects that household’s purchasing power. Multiply that household by the 43 million Americans who had outstanding federal loan debt in September 2023, and student debt’s impact becomes considerable.

The world's most famous case of deflation happened after Black Thursday

While the details are not fully agreed upon, many economists point to the Federal Reserve's tightening of the money supply as a prime culprit, leading to a significant deflationary spiral.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

Why Ray Dalio thinks the US deficit is a political problem

Dalio frequently argues that debt cycles are inevitable and a tradition of every empire. However, he said in 2025 that the US was headed for a debt crisis. Dalio says that while Republicans and Democrats agree on the math of the debt crisis, all politicians make promises to neither increase taxes nor cut government benefits—which Dalio says can't close the deficit.

US defense spending peaked during the Korean War at 13% of GDP

In 1953, during the Korean War, US defense spending reached 13.58% of GDP—more than three times today’s level. That peak marked the most militarized moment of the Cold War, and spending has never returned to that level since.

Why there's a snack recession

Inflation and economic uncertainty have driven many Americans to make cuts to their snack budgets, according to reports from major food manufacturers like General Mills, JM Smucker, and Campbell's. Major retailers have also observed lower-income consumers cutting back on nonessentials due to the macroeconomic environment.

The business major became increasingly popular in the 1980s

Women were the primary driving force behind the increase. In 1966, slightly more than 2% of all women in college studied business—but by 1985, that percentage had increased to almost 22%.

Government shutdowns, 101

Roughly a quarter of the US federal government's spending must be approved annually through a set of 12 appropriations bills in Congress. When they aren't, a government shutdown ensues, where federal agencies are legally barred from spending any further money on nonessentials. This explainer covers the basics of government shutdowns and their impact on the broader culture.

Every year, nearly 500,000 bankruptcies are filed in the US

From personal hardships to major corporate collapses like Enron and Bed Bath & Beyond, filing for bankruptcy isn't a quick fix or a “get-out-of-jail-free” card—it’s a complex, structured process offering debt relief or repayment options.

The commerce clause gives the federal government authority to regulate interstate economic activity

This short constitutional provision has allowed Congress to regulate everything from wheat production to racial segregation, greatly expanding federal power by linking national authority to interstate economic activity.

Social Security is one of the most popular government programs

In a recent Pew Research Center survey of US adults, 79% said Social Security benefits shouldn’t be reduced in any way. This view is broadly shared across ages, races, political affiliations, and income brackets.

Check the current Consumer Price Index

The Consumer Price Index is a metric that attempts to capture price changes felt by consumers by averaging a basket of about 80,000 items, each weighted to reflect the impact of changes on households.

Americans are reading fewer books than in the past

A 2022 Gallup survey found that Americans are reading fewer books than ever before. An additional study found that the time people spend reading has dropped over the last 20 years. The most compelling narrative for the shift? Screens have stolen potential readers, occupying the time that they otherwise would’ve spent with books.

The USPS spent $3.97B in 2024, accounting for .058% of the federal budget.

US housing costs have risen by roughly 175% between 1991 and 2026—but a growing number of Gen Zers are becoming homeowners anyway. In 2025, 4% of homebuyers were Gen Z, up from 3% the year before.

Up to a million Girl Scouts sell about 200 million cookie boxes every spring, generating $800 million, largely because refusing a child is frowned upon

The United States is one of only around two dozen countries with a fully federal system of government, in which power is divided between national and state governments.

Discover the catastrophic consequences of a failure of the US electrical grid—something that is more likely than many Americans think.

The price of gas is a composite made up of several different factors, with the federal gas tax making up less than 20% of what drivers pay at the pump.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

The United States has had a tumultuous relationship with Cuba since its 1959 revolution, highlighted by a nuclear crisis and a decades-long trade embargo.

The Nasdaq's 'Magnificent 7' companies are responsible for roughly 40% of the Nasdaq 100 index's gains, while the remaining 93 companies account for the other 60%.

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

Fireworks-related ER visits are on the rise—in 2024, they increased by 52% as compared to the prior year.

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

At the beginning of the 20th century, a group of young men ate standard American food—replete with food additives like borax and formaldehyde—as part of government research to better understand food safety.

After the Boston Tea Party, colonists switched to coffee, which became the main morning drink for revolutionaries.

A century of Billboard issues documenting the evolution of popular music.

Mid-century modern graphic designers, known for their bright colors and bold lines in advertising, also found success with children's books.

44% of Americans say they pray at least once a day—discover how your state's religiosity stacks up against the rest of the country.

In 2026, Finland was named the world's happiest country for the ninth consecutive year based on its wealth, social safety network, and high life expectancy, among other factors.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

According to the physics of black holes, our 4D reality may be a hologram—a projection of information coded on a 2D surface on the edge of the universe.

American dance legend Martha Graham, sometimes called 'the Picasso of dance,' refused to perform at the 1936 Olympics in Berlin and conceived the piece 'Chronicle' in response to the experience.