Every year in Mexico, the Christmas and year-end shopping season begins with an event called ‘El Buen Fin.’ It is considered the most important commercial event in the country and is organized by Mexico’s federal government, including its app and website, and regional chambers of commerce. Scheduled just before Black Friday and Cyber Monday, the 2024 edition took place from November 15 to 18. Preliminary results show it met expectations and exceeded them spectacularly, with record sales and widespread participation from consumers and businesses. This edition further established ‘El Buen Fin’ as a crucial driver of the Mexican retail sector..
In addition to retrieving figures from the Confederation of National Chambers of Commerce, Services and Tourism (Confederación de Cámaras Nacionales de Comercio, Servicios y Turismo―CONCANACO SERVYTUR) and the Mexican Online Sales Association (Asociación Mexicana de Venta Online―AMVO), Portada sought out experts in different economic sectors to complete the evaluation of El Buen Fin 2024.
High Expectations for El Buen Fin 2024
El Buen Fin 2024 was poised to be a record-breaking year with a promising outlook. In 2023, total sales reached 134.3 billion pesos (approximately $6.7 billion), with 76% of transactions made by credit card, indicating strong consumer confidence. For this year, an economic revenue of 165.5 billion pesos (approximately $8.3 billion) was expected, a 10% increase over the previous edition.
Over 190,000 companies and family businesses participated, offering everything from product discounts to promotions on educational services and tourism packages. One of the key innovations was the official El Buen Fin app, which allowed users to access exclusive promotions, locate nearby offers, and receive personalized recommendations, setting a new standard in the digital shopping experience.
El Buen Fin Mexico 2024: A Successful Event for Retail Sales
Preliminary results from El Buen Fin 2024 indicate a resounding success. Some highlights include:
Best-Selling Categories:
Electronics and technology: 79.4%
Apparel and footwear: 15.9%
White goods: 4.7%
Favorite Promotions:
Direct discounts: preferred by 92% of retailers
Interest-free months: used by 67% of stores
Discounts greater than 30%: applied by 33.3%
In terms of purchasing methods, 75% of sales were made in physical stores, while 25% were made online. Most consumers (88%) reported enthusiasm for offers, and 70% of online orders included at least one promotion, with free shipping being the most used in 49% of purchases.
El Buen Fin Mexico: Consumer Trends and Regional Participation
The Buen Fin mobilized consumers in large cities such as Mexico City, Jalisco, and Nuevo León and regions and states like Baja California, which led to an average ticket size of 3,066 pesos (approximately $153). Additionally, Chihuahua, Tabasco, and Durango stood out for more than 100% sales increases year-over-year.
In digital commerce, shoppers placed an average of 7 items per order, with an average ticket of 1,628 pesos (approximately $81), 12% more than in 2023. Health and beauty, fashion, and pet supplies were the most popular categories, with products such as skincare and perfumes registering the highest values.
Tourism: Remarkable Growth in Domestic and International
The Buen Fin also boosted the tourism industry. Companies such as Despegar reported increased demand for domestic destinations such as Mexico City, Cancún, and Monterrey, while international destinations like Madrid, Tokyo, and Las Vegas stood out. Emerging destinations such as Guanajuato and Bacalar registered growth of 100% or more compared to 2023.
Package tour promotions represented an excellent opportunity for long-term travel planning, with peak demand dates around Christmas and New Year’s Eve.
Online fraud: a Growing Challenge
The increase in sales was also accompanied by a 47% increase in online fraud attempts, according to Signifyd data. Premium categories such as beauty, luxury, and home were the most targeted, with a significant growth in the value of fraudulent orders.
Retailers faced the challenge of protecting themselves without affecting the shopping experience for legitimate consumers. This balance will be essential to maintaining trust in future editions of El Buen Fin.
El Buen Fin 2024: A Resounding Success
El Buen Fin 2024 exceeded expectations in sales and consolidated its position as the most relevant commercial event in Mexico. The combination of attractive promotions, innovative digital strategies, and growing consumer and business participation made it a key driver of the economy.
With the final results yet to be published, it is clear that El Buen Fin continues to evolve, opening new opportunities for small businesses, large companies, and consumers across the country.
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