Saturday, June 22, 2024

Buen Fin, Mexico’s Black Friday, expected to generate 118bn pesos in sales

Buen Fin, the annual four-day shopping event similar to Black Friday in the United States, will generate sales of at least 118 billion pesos (US $6.1 billion), a business leader predicted on Thursday.

“An [economic] spillover of more than 118 billion pesos is expected, 5% more than in 2018 and triple the first edition in 2011,” José Manuel López Campos, president of the Confederation of Chambers of Commerce, Services and Tourism (Concanaco), told reporters at the presidential press conference.

The shopping event, during which hundreds of retailers will offer products at heavily discounted prices, begins Friday and runs through Monday.

Concanaco has developed a free mobile app that people can use to look up products that will be on sale and compare prices between retailers, López said.

The names of shoppers who make purchases with credit or debit cards will go into a raffle for a chance to win back the amount they spent.

Economy Secretary Márquez promotes Mexico's big shopping weekend at the president's press conference.
Economy Secretary Márquez promotes Mexico’s big shopping weekend at the president’s press conference.

Economy Secretary Graciela Márquez said that traditional bricks and mortar stores and online retailers will both participate in this year’s Buen Fin, or Good Weekend.

President López Obrador said he was confident that sales will be strong during the four-day event. He said the shopping event would benefit the economy and allow families to increase their purchasing power.

The president suggested that Buen Fin could be a good time to buy domestic appliances, clothes, shoes and books.

However, the head of the consumer protection agency Profeco urged people to be prudent.

“Before going out . . . get together as a family to decide what products you need to buy, let’s be reasonable in our consumption,” Ricardo Sheffield said.

Source: Reforma (sp), El Economista (sp) 

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