11242017Fri
Last updateFri, 24 Nov 2017 8am

El Buen Fin: Mexico’s very own Black Friday

Tens of thousands of businesses throughout Mexico will be offering discounts during the fourth edition of El Buen Fin, Mexico’s equivalent to Black Friday, which takes place from Friday, November 17 to Monday, November 20 (the national holiday marking the Mexican Revolution).

pg5bOrganizers have said the major aim of this year’s sale is to support small- and medium-sized businesses affected by the two devastating earthquakes that rattled central and southern Mexico in September.  According to the National Statistics Institute (Inegi), more than 328,000 business suffered some kind of damage.

Business chambers expect sales during the four-day shopping splurge to generate around 100 billion pesos (almost US$5.5 billion) in revenue – 12 percent more than in 2016.

In a recent press conference, Mexican Finance Minister José Antonio Meade said expectations for the Buen Fin are higher this year thanks to the positive economic signs signalling an upturn in exports and domestic spending.

The Buen Fin is a federal government initiative to encourage consumption and boost the national economy. Many federal employees receive their end-of-year bonuses early so that they can participate in the Buen Fin.

Federal authorities will also be giving out 149,000 prizes worth 500 million pesos in its traditional lottery to be held after the sale.

As usual, Mexico’s Consumer Protecetion Agency (Profeco) is warning buyers to look out for potential scams during El Buen Fin. The agency says it will hear complaints from shoppers who can prove that a discount on offer is fraudulent, and that the price of the item or service has not been lowered from its regular cost by the percentage advertised.

The financial services watchdog, the Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros (Condusef), is also warning  shoppers to be wary of credit or debit card cloning during the Buen Fin weekend.   More cases of cloning are reported during this period that at any other time of the year. Always keep your card in sight and view the charging procedure. Do not allow sales staff to take your card away to make the charge.

For more information, see elbuenfin.org.

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