Thousands of businesses will be offering discounts of between 10 to 40 percent throughout the third edition of El Buen Fin, Mexico’s equivalent to Black Friday, which takes place from Friday, November 15 to Monday, November 18 (a holiday marking Mexican Revolution Day).
The first Buen Fin in 2011 generated 106 billion pesos of spending across Mexico, while last year’s topped it with 150 billion pesos. But with the Banco de Mexico having just cut its forecast for growth in 2013 from between two and three percent to between 0.9 and 1.4 percent, experts predict that economic stagnation means that consumers will not spend as much this time around.
2013-11-08Some 2,500 local businesses have registered to take part in the Buen Fin, but the Guadalajara Chapter of the National Chamber of Commerce (Canaco) predicts sales in Jalisco will only be eight percent higher than on an average weekend, and 18 percent less than in last year’s Buen Fin, when consumers spent 617 million pesos more than on a normal weekend.
The Buen Fin is a federal government initiative to encourage consumption and revive the national economy. Federal employees will receive their end-of-year bonuses early, by November 15, so that they can participate in the Buen Fin, Finance Minister Luis Videgaray Caso announced this week.
The federal government will also be giving out 74,500 prizes worth 250 million pesos in a lottery to be held on December 2. Only those who spend more than 250 pesos on their credit or debit cards during El Buen Fin will be eligible to take part.
To view the discounts on offer visit www.elbuenfin.org and for more information on the lottery see www.sat.gob.mx/sorteodeElBuenFin.