El Buen Fin has become an annual event, always taking place before Black Friday as a way of getting ahead of the Black Friday sales that mark the beginning of the Christmas sales season, known to be the best time of year for retail in the country. This is attractive to foreign businesses because it is a great opportunity for consumers to purchase items at lower prices.

Buen Fin in Mexico: origin

El Buen Fin has its origins in the Black Friday American tradition, as an initiative of the Consejo Coordinador Empresarial, in association with the Felipe Calderón federal government and various private sector organizations and banking institutions, in order to revive the Mexican economy of that time, while also helping Mexicans to purchase items at a much lower price than the usual price. The first edition took place between November 18 and 21, 2011, offering incredible benefits to consumers, beyond the usual discounts, reaching up to 50% or 70% less than the base price, in addition to integrating interest–free monthly payments, one of the main motivators for conversion in the country.

Since its inception as a campaign to encourage the national economy, the event sparked the interest of stores and Mexicans for being a local initiative of offers, and in 2011 the total sales in self-service stores, department stores and specialized were of the order of 106,000 million pesos.

Evolution of Buen Fin in Mexico

After its premiere, year after year it gained greater interest and currently its degree of acceptance is such that in 2020 it closed with a record of sales of 238.9 billion pesos in total sales of the event (109% more than in 2019) and 15.2% came only from online sales, which grew 225% due to the pandemic.

During the event in 2021, eCommerce showed its supremacy, since according to the latest study by AMVO, 70% of the buyers who participated in the celebration said they had bought combining physical and online stores, while 33% of them decided to do it only through the Internet with an average purchase ticket of $914.14 pesos.

This translates into $31,731 million in sales generated by this channel, that is, 16.5% of the total for the day. In general, El Buen Fin registered some 30.5 million operations via the Internet, which would be 20% of the total operations carried out during that period.

The Buen Fin 2022 edition brought with it new records, with sales generated in this discount campaign representing 18% of total transactions, generating profits of up to 23,7 billion pesos. Likewise, the purchasing power of Mexicans seems to have risen, as it reached 1,020 pesos, which represents a 12% growth compared to the average ticket in 2021.

On the other hand, focusing on the preferred online payment methods, we found that 57% purchased online using debit cards, while the remaining 43% preferred to do so with credit. As for the most popular categories, we can see that fashion led the transactions, positioning itself in the preference of users with 45%, followed by electronics (35%) and appliances (25%).

On the other hand, it should be noted that there are analysts who consider that this campaign implies a risk of over-indebtedness in the population in their eagerness to take advantage of the offers and because there are companies that present misleading offers of which one must be very attentive in order not to fall into traps.

When is Buen Fin 2023?

The new edition of El Buen Fin 2023 will take place from Friday 17 to Monday 20 November, a time during which consumers will seek to obtain discounts, interest-free months and other benefits to make their purchases, but often wonder if it is better to make purchases in physical stores, or in eCommerces.

This year, offers focused on interest-free months instead of discounts focused on products stand out. According to AMVO, 8 out of 10 Internet users plan to purchase a product or service during El Buen Fin.

Image: Depositphotos

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