Black Friday- the day where millions of Americans go out to spend billions of dollars collectively. Last year, the National Retail Federation reported that the total holiday retail sales were 655.8 billion dollars, excluding automobiles, gasoline, and restaurants.

Traditionally the busiest shopping day of the year, Black Friday lands on the day after Thanksgiving. To many people, it kicks off the holiday festivities and Christmas gift shopping. The Christmas spirit is crucial for our economy, with over 30 percent of the country’s annual retail sales coming from the time period between Black Friday and Christmas.

On the other hand, the online shopping world on Black Friday is increasing in popularity. In a study conducted by the National Retail Federation, it was estimated that 108.5 million Americans shopped online over the course of the long weekend. Many people in this day in age have migrated to online shopping due to the simplicity of it.

Last year, Target claimed to have sold more than 3,200 television sets per minute in the first hour of the store opening on this day. In fact, on the 2016 Black Friday, the average American spent $289.19, according to the National Retail Federation. This year, the number is predicted to jump to $295.33. Suffice to say, not only are people quick to spend their money on a killer Christmas present, but they are willing to drop lots of money for the hefty discounts.

This Black Friday madness does not seem to be settling down anytime soon, and people will surely continue to set their alarms for 3 a.m. and camp out all night for the perfect gift.