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News Article

CONCANACO Confirms Mexico Will Have “Buen Fin”

By Alessa Flores | Tue, 08/18/2020 - 13:55

The Confederation of National Chambers of Commerce, Services and Tourism (CONCANACO-SERVYTUR) revealed that the Buen Fin is planned for November 9 to November 16. The event will be extended over a full week to help mitigate the effects of COVID-19 and revive the Mexican economy, according to a note from Milenio.

In 2019, according to figures from CONCANACO-SERVYTUR, Buen Fin left a spill of more than MX$120 billion (US$5.4 billion) and led to an increase of up to 30 percent in business operations. In addition, 25 percent of the purchases were made with some type of bank or department store card, representing over 18 million transactions. The 2019 edition of the Buen Fin was cataloged as the most successful, with the highest number of sales and sector participation, as well as number of people who used more technology and banked methods to make their purchases, according to CONCANACO-SERVYTUR.

The Buen Fin was inspired by the Black Friday celebration in the US. Thus, in 2011, the Felipe Calderón administration, with the support of the private industry, created El Buen Fin with the aim of boosting the economy by encouraging consumption and bringing benefits to consumers through offers and promotions.

CONCANACO-SERVYTUR revealed that for 2020, 256 chambers of commerce and their 650 delegations are expected to join the initiative. In addition, 2020 will be the 10th anniversary celebration of the Buen Fin. “The Buen Fin initiative will offer products and services with discounts or offers like interest-free installments that are expected to help the country in its economic recovery,” said José Manuel López Campos, President of CONCANACO-SERVYTUR, to Milenio. 

Also, during the 2019 edition, it was estimated that 40 percent of Mexicans purchased some type of product or service. Clothing and footwear represented 26 percent or purchases, appliances 12 percent and cell phones and accessories 12 percent. In addition, 88 percent of the purchases were made at physical stores and the remaining 12 percent through online channels. Finally, 3 out of 4 consumers estimated to have spent between MX$1,000 (US$45.1) and MX$10,000 (US$451) during the weekend.

The 2020 edition has raised expectations. Last year, after the end of the 2019 edition, CONCANACO-SERVUTYR stated that in 2020, the event would also be promoted in the border areas to also attract buyers from the other side of the northern and southern border. In addition, the organism hoped to work hand in hand with the federal government so that more of the country's states would participate thanks to the advanced payment of end-of-year bonuses (aguinaldos). 

The data used in this article was sourced from:  
Milenio, INEGI, PROFECO & CONCANACO-SERVYTUR
Photo by:   Freepik
Alessa Flores Alessa Flores Senior Journalist and Industry Analyst