Happy President’s Day! Are you going shopping today — looking for a new car or a great deal on a mattress? Why does it seem like there are so many sales on President’s Day? Here’s some background:
Established in 1885, the holiday was originally created to honor George Washington and held on his birthday, Feb. 22. It became known as a day to celebrate all U.S. presidents after it was moved to the third Monday of every February, in order to create a three-day weekend for workers. Today, that extended weekend comes in handy as retailers take the opportunity to create a shopping bonanza second only to Black Friday.
According to a survey by retail site Shop It To Me, “February is the month of the year with the best sales – a distinction driven by Presidents’ Day deals.” Donovan Ramsey noted on the personal finance website Farnoosh: