El Buen Fin Brings MX$43.68 Billion to Mexico City

Mexico City’s Chamber of Commerce reported a commercial turnover of MX$43.68 billion (US$2.54 billion) during El Buen Fin 2023, surpassing the pre-event estimate of MX$41 billion and reflecting 7.9% growth compared to the 2022 event. 

The Confederation of National Chambers of Commerce, Services, and Tourism (CONCANACO-SERVYTUR) says that El Buen Fin 2023 program "has been the best edition in its history." Their preliminary report indicates a "significant growth," potentially exceeding the previously expected economic impact, reports El Economista. 

Discount season across Mexico was projected to result in an MX$141 billion economic spill thanks to El Buen Fin, Black Friday, and Cyber Monday. Last year’s El Buen Fin gave Mexico a MX$134 billion economic spill, which was a 23% surge compared to 2021. The average spending in 2022 amounted to MX$1,020, with credit card users averaging MX$1,792 and debit card users averaging MX$617.

Meanwhile, Black Friday's e-commerce spending in 2023 witnessed a 7.5% surge from the previous year, reaching a record US$9.8 billion in the United States, according to CNBC. Despite this growth, shoppers remain sensitive to prices, managing tighter budgets due to the previous year's record inflation and interest rates. According to an Adobe survey, US$79 million in sales originated from consumers opting for the ”Buy Now, Pay Later” payment method, which grew by 47% from the previous year.

During Black Friday, Mercado Libre achieved a record-breaking 80% increase in Gross Merchandise Volume (GMV), considering results from Thursday and Friday. Comparing November’s overall performance, there is a 39% increase compared to the corresponding period in 2022, according to Mercado Libre’s press release. 

"This season, we can say that Mercado Libre has conquered a relevant space in the electronics category, consolidating itself among the leaders in the segment. We are also succeeding in our objective of sustaining growth records without sacrificing the company's margins," says Fernando Yunes, Senior Vice President, Mercado Libre Brazil.