El Buen Fin – Sales in Mexico Reach $5 Billion
El Buen Fin is one of Mexico’s most popular shopping holidays, and this year the sales event exceeded expectations. Preliminary numbers from Concanaco Servytur show that buyers spent 101,500 million Mexican Pesos this year – over 5 billion U.S. Dollars*, an 8% increase over 2017.
The event takes place every year in November. It happens during the weekend prior to the Monday in which the Mexican Revolution is celebrated, November 20th, with promotions available on Saturday, Sunday and Monday.
This year, El Buen Fin happened between the days of 16th and 19th of November.
During this prolonged weekend of shopping bonanza, major retailers offer special price promotions for their products and services. Some of them even offer extended payment options. The popularity of Buen Fin is so widespread that some brick-and-mortar businesses work at extended hours to push sales and please clients.
Consumer Habits & Prefered Products
Through this year’s run, the most popular items were electronics, such home appliances, computers and accessories, and mobile phones. Apparel, shoes, perfumes, and cosmetics were also in high demand during the 4 days of promotions.
Travel offers were a welcome element of surprise, as was the whole services sector.
While all the information from the 2018’s edition is not out yet, interesting data from 2017 is worth sharing: the most attractive offers in the online environment were discounts based on payment methods and free shipping.
Good Impact on Online Sales
Ecommerce increased its presence during the event by 50% compared to 2017. José Manuel López Campos, president of Concanaco Servytur, says that online shopping represented a total of 15% of the sales of El Buen Fin this year.
Indeed, the number of e-shoppers has been on the rise in Mexico: out of the 80 million active internet users, 34 million are used to shopping online. Different factors can be attributed to the growth of the Mexican e-economy, such as digital literacy, financial inclusion and improvements in connectivity in the country.
Campos believes that younger consumers were especially responsible for the increase in online sales, as ecommerce stores had been advertising their special promotions with days of advance on social media and other digital platforms.
Since El Buen Fin is an official event backed by solid organizations, it has its own website and official pages on social media. On the second day of activities, there were 1.184 million views on Buen Fin’s Facebook page. On Twitter, they have managed to gather over 50 thousand followers.
The president of the Mexican Confederation of Chamber of Commerce is right about the younger population driving online sales. The majority of online shoppers in Mexico are younger than 35. What draws this population to online shopping are mostly cheaper prices. When choosing from where to shop, they look for detailed information about the products they are buying, fast delivery and lower shipping rates.
How international ecommerce stores can profit from El Buen Fin
El Buen Fin is a registered brand and the use of its name is restricted to official participants. They can only be Mexican organizations, previously signed up to each edition on the official event’s website.
However, businesses from other countries can and should benefit from the prolonged weekend of sales, as long as they are mindful of any copyright infringements.
In order to benefit from El Buen Fin without being a Mexican retailer, ecommerce stores should embrace the event’s spirit and plan their actions accordingly:
- Free shipping and local payment methods are especially important for Mexican consumers.
- Being aware of what niches are more popular can also help when it comes to choosing which items to push to the public.
- Advertising the good deals in advance across digital platforms can take businesses a long way since Buen Fin is a highly expected date.
Profile of online shoppers in Mexico
A research conducted by the Asociación de Internet.mx with people who made an online purchase between May and July of 2017 can enlighten those willing to venture in El Buen Fin:
Gender disparity – the difference among Mexican buyers wasn’t expressive as 54% of consumers were men and 46% were women. 51% of consumers were aged between 18 and 34 years old, while 38% were between the ages of 35 and 54 years old. 11% were aged above 55.
Mobile usage – More and more people are using their mobile devices to make purchases online. In 2016, 62% of the people interviewed said they bought something using their phones. In 2017 that number grew to 70%.
Cross-border shopping – 67% of Mexican online consumers made international purchases in 2017. 75% bought from the US, 49% from Asia, 20% bought from other countries in Latin America and 15% bought from countries in Europe.
The main reasons why shoppers bought from cross-border ecommerce stores were lower prices (61%), uniqueness (53%) and product availability (52%).
Getting ready for 2019
Online merchants selling in Mexico or who are interested in penetrating its booming economy should add the dates to the following editions to their calendars. In 2019, Mexican consumers will be on the lookout for special prices and conditions between the 15th and 18th of November.