Buen Fin and Mexican Economy
If you were out and about in Puerto Vallarta the past couple of weeks, you couldn’t have missed the advertising of Buen Fin. Buen Fin is Black Friday in Mexico and Puerto Vallarta gets in on the act in all of their popular shopping venues. This year topped the charts in popularity and purchases. Over 120 billion pesos (US $6.2 billion) was spent in the four day event this past weekend, which was a 7% increase over last year’s sales.
If you missed it, there are still some lingering sales in stores around town and it won’t do any harm to ask them to honor Buen Fin prices, which most retailers are likely to do to make the sale in an individual store. Don’t expect Costco to do this, but many of the other big box stores will, as will the smaller, locally owned businesses. However that’s not what we want to point out in this blog.
The results of this past weekend far exceeded the expectations of Concanaco, the Confederation of Chambers of Commerce, Services and Tourism of Mexico. Known as the cheapest weekend of the year, stores were flooded with people taking advantage of the upward economy, which had an increase in growth of 0.1% over the summer. That in itself is a very good sign, taking into account the economy in Mexico showed signs of stagnating in the first and second quarter of this year. Those early predictions were depressing but it’s great to know they were incorrect. Records were broken instead!
This year, the biggest purchases were large-screen TVs, and large and small appliances. White goods, toys and tools were in the top fifteen items purchased, a sign that people are making improvements in their homes and lives. Shopper numbers were also up by an astonishing amount of 20% higher than 2018, with many using credit cards, a relatively new concept for Mexicans. Keep in mind, this type of spending is a major boost to the national and local economy.
Be ready for Buen Fin next year, when the Bank of Mexico will make it even easier to make purchases in Puerto Vallarta by employing the use of their new digital payment system, CoDi.
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