Shoppers have been warned to be prudent in taking advantage of discounts offered during the “Buen Fin” weekend, scheduled Friday. November 18 through Monday, November 21 (Mexico’s Revolution Day holiday).
First implemented with backing from the federal government in 2010, Buen Fin sees thousands of businesses and services offer discounts of between 10 to 50 percent in a nationwide sale that mirrors the Black Friday weekend in the United States.
Last year’s Buen Fin generated 80 billion pesos of spending across Mexico, with 65 percent of all sales made by either debit or credit card.
Analysts say the fluctuating peso-dollar exchange rate could largely determine the success of this year’s Buen Fin for retailers. The peso has lost ground following Donald Trump’s victory this week (see page 2).
Financial watchdog organizations warn people against making rapid decisions to purchase goods without first reviewing one’s capacity to repay debt.
The early editions of Buen Fin saw shoppers inclined to buy electronic items over clothing and footwear, although that trend has changed in recent years (clothing and footwear accounted for 35 percent of all Buen Fin sales in 2015).
Retailers throughout the Guadalajara metropolitan area, and even at lakeside, will be offering significant discounts during the four-day sale, many with interest-free pay back terms on credit cards.
Those looking for travel discounts should check out the websites of Mexican airlines, such as Aeromexico, Volaris, Interjet and VivaAerobus.
The Consumer Protection Agency (Profeco) will again set up booths in major malls to hear complaints of abuses from the public. They also warn that criminals also take advantage of Buen Fin, with reports of card cloning spiking throughout the weekend.
Many outlets still do not use mobile credit/debt card readers and shoppers are advised never to let their cards out of their sight while making a purchase.