One of the biggest retail holidays in Mexico – El Buen Fin – is gearing up for a promising long weekend this year. The event itself will be running throughout the entire weekend, starting on the 15th and finishing on the 18th.
So how big is El Buen Fin? According to reports from last year, more than $5 billion changed hands over the course of the event.
Popular products bought by those taking part in the sales include clothes (22.5%), Electronics (20.5%), home appliances (12%) and shoes (10.1%).
But even though this is a regional holiday, there are some facts about El Buen Fin and Mexico that all businesses should keep in mind about this year that make it really interesting.
Big news for Business
According to Marketing 4 Ecommerce, some of the popular sales discounts included free shipping offers and further discounts on payment methods.
This fact becomes even more interesting when considering the kind of behaviours seen from Mexican consumers. Ecommerce in 2018, for example, increased by 50% compared to the previous year.
Even with this sounding like a substantial figure, it only equates to 15% of the total retail sales during the event last year. What it does show is that eCommerce is poised for a dramatic breakout in 2019.
The number of internet users in Mexico, for example, is set to hit nearly 90 million this year, with nearly half of these engaging in some kind of eCommerce as well.
What’s even more impressive is the fact that mobile and social media users in Mexico hit 88 million in 2019.
You tally that up with the fact that businesses are operating and advertising online far more, and that the average shopper age is 35 years old or younger: you have a more technologically literate, high spending demographic getting into the sales spirit.
For businesses both domestic and international, it becomes even more important to be set up in such a way as to be easy to navigate, visually appealing as well as provide ready incentives for people to buy from your store.
With more people getting switched on in Mexico, a highly navigable site and providing a wide-open door of payment solutions is key. Which is why we’re glad to be serving businesses and consumers in the region!