But where did the day come from and how did the event get its name?
What is Black Friday?
On Black Friday, retail prices plummet for 24 hours in an attempt to get people splashing the cash in the run-up to Christmas.
In the States customers often queue for hours, even days to get their hands on the best bargains.
The hoards of people are more reserved in the UK, in recent years the majority of Brits opted to shop online from the comfort of their home.
But unfortunately, the shopping mania has been known to descend into violence in the UK, as people argue over discounted gadgets and appliances.
Why is it called Black Friday?
The day was given its name as it is often the day that shops "move into the black", meaning they have enough money to cover their costs while reducing prices.
But it also originated within the police and NHS to refer to the Friday before Christmas, which is when emergency services anticipate extra pressures put on them due to Christmas celebrations.
However, among shoppers it is well known as a day of bargains which has come across the pond from the US since the beginning of the 21st century.
When is Black Friday 2018?
This year Black Friday is on November 23, with Cyber Monday on November 26.
But supermarket Asda, who take credit for bringing Black Friday to Britain, no longer take part in the 24 hour event.
This was due to customers wrestling over a television on Black Friday at an Asda superstore in Wembley.
Many shops release details of their sale items before the day, so there are plenty of ways to bag the best deals.
The trick is to be prepared and organised and to always know what you want before the sales start – to avoid unnecessary spending.
Where did Black Friday come from?
It is traditionally the day which follows Thanksgiving in America and is regarded as the beginning of the Christmas shopping season.
Americans have Thanksgiving Day off and the next day, so usually people celebrating this holiday will have four days free to shop.
Our tips for finding the best deals this Black Friday and Cyber Monday
PREPARE Research the items you want to buy and find out the cheapest price. Websites like PriceSpy, PriceHistory and CamelCamelCamel will give you historical data on prices so you can see how much you should pay.
GET FOLLOWING Follow your favourite shops on Twitter, Facebook and Instagram and sign up to its deals newsletter to get the latest on any offers. We post the best deals in our Sun Money FB group too.
EARN CASHBACK Check websites like Quidco and TopCashback BEFORE you place your order. Cashback websites PAY you to shop. All you have to do is click through their links and the money is added to your online account, usually within 14 days.
CHECK FOR CODES Take a look at The Sun Vouchers, and see if you can get extra savings with discount codes.
Recent years have seen retailers stay open longer or start earlier with special deals to entice customers.
The idea has now spread across the world with many other countries also participating in the day, or week, of frenzied shopping.
Each year, big retailers like Amazon, Argos and Morrisons use Black Friday to give massive price reductions to shoppers just before Christmas kicks in.
The discounts keep on going until Cyber Monday, which is always the first Monday after Black Friday, so this year it will fall on November 26.
Apart from these days, there are a couple of other differences between the two, one is that Cyber Monday deals only apply to online shops while Black Friday is in store as well.
Also, Cyber Monday is a strictly 24 hour shopping window but Black Friday tends to be a five day long affair.
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