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Studies affirm that 65 percent of Mexicans would not be willing to participate in the Buen Fin.
The economic benefit left by the Good End in its previous edition was 190 million pesos, 49 million less than in 2020.
Mexican consumers are undecided about the decision to participate in the commercial event.
El Buen Fin has become one of the most important trade events in Mexico. For this reason, it has become one of the most important bets for brands that announce themselves year after year during the month of November. Since 2011, this event has brought together many new buyers, who are increasingly closer to their offers. Following the model of other large spaces such as Black Friday or Hot Sale, it aims to leave a significant economic spill.
In last year’s edition, profits of 190 billion pesos were recorded. And it is that, although it was a smaller amount than that accumulated during the 2020 edition, in reality the approach had a great influence, since that year it had a longer lifespan of 12 days, due to the presence of Covid-19 and confinement. On the other hand, in 2021, the event lasted only 7 days.
In 2020, it represented the first incursion of Mexicans into digital commerce in the full extent of the word, largely due to the Covid-19 pandemic. For this reason, the figure of 239 billion pesos was understood as a great response in favor of digital growth. In fact, it was during 2020 that the optimism for digitization allowed communication spaces to diversify to a great extent. Not only was the issue of communication made more flexible through an omnichannel approach, but many aspects also allowed consumers to relate to the event to a greater extent.
Despite this, it seems that consumer expectations are not as high as one might think, because according to the Hellosafe study, at least 65 percent of Mexicans will stay away from Good End offers.
65% of Mexicans will not participate in the Good End of 2022
El Buen Fin has become one of the most important spaces for families to access various items that, during the rest of the year, tend to have higher costs. It is during this date that payments become more accessible, payment terms are considerably longer and in many cases, offers, discounts and interest-free payments are what take a large part of consumer confidence.
For this reason, what is presented in the study of said firm is even more surprising, which indicates that 65 percent of Mexicans will not actively participate in the Buen Fin.
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People’s reluctance, however, is not only due to a temporary problem or a lack of knowledge of the purchasing process, but also to the fear of being scammed through some payment method. We could mention that According to a study by the Mexican Association of Online Sales (AMVO), 82 percent of consumers choose not to shop online due to fear of phishing.
Returning to the first study, it is indicated that about 27.5 of those surveyed are not interested in acquiring any type of product associated with Good End. On the other hand, 26.5 percent stated that they did not have a budget allocated for the date. Finally, the remaining 11.3 percent said they had no intention of buying any items due to inflation.
However, there is a second opinion that contrasts with what HelloSafe said. According to PQR Planning Quant, While in 2020 about 50 percent of Mexicans indicated that they would not be part of the purchases of the event, the consultant points out that in 2022 the figure barely expresses 19 percent of negativity.
This is also expressed through what was said in 2021 by the same research firm, when it stated that 32 percent of Mexicans would not participate in the Good End. All this reflects the true essence of the Mexican, who is fluctuating and mutable in regarding their purchasing decisions. Therefore, brands and advertisers should consider this aspect if they want their products to be among the best sellers.
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