*”El Buen Fin” means “The Good End” in English; “Fin” is a short way to refer to the “Fin de Semana” which means “Week End”, so in a few words when we say in Mexico “Buen Fin” we are whishing to somebody a good week end or we are just referring to a nice weekend.

 

What is “El Buen Fin”?

The idea of “El Buen Fin” was created as a private initiative to enforce the economic activity in Mexico during a long weekend in November of each year. The initiative was presented through a program created by some of the most important media networks of Mexico, in a “reality show” style in 2010 that prompted Mexican society to present their social projects. This program is called “Iniciativa México (Mexico Initiative)” and it was so successful that by 2011 it would be repeated.

When is “El Buen Fin”?

“El Buen Fin” was placed in November to give movement and vigor to a time of the year where the Mexican economy is slow and in which Mexicans are accustomed to expect the Christmas campaign season. This idea emulates, in some way, the famous “Black Friday” of the United States, while this day represents the highest trade flow from that country, and it is when traders show their best offers and the biggest discounts throughout the year, who happens to take place in the same week in which occurs the “Thanksgiving Day”, which results in a day of unparalleled offerings for a week of rest and family reunion.

“El Buen Fin” falls on the weekend before Revolution Day

In Mexico we do not have Thanksgiving Day, but on November 20th, we celebrate the anniversary of our revolution of 1910, which in recent years was officially moved for its commemoration to the third Monday of November of each year, which according to the Federal Labor Law, this is a mandatory day off. El Buen Fin, according to their organizers and the Federal Government, will last four days, i. e. from the 18th to 21st of November. This is the first year that El Buen Fin takes place in Mexico, advertising in the media has been abundant and apparently there are many traders who have joined this project, offering significant discounts on their goods, it should be noted that this program is supported by various business chambers and associations, including the ANTAD, an association that gathers 100 of the major retail chains in Mexico.

“El Buen Fin” is a collaboration between the federal government and private industry

“El Buen Fin” program is not mandatory for anyone; however, some employers and different levels of government have decided to support this program in a different way. For example, the federal government recently announced that they would pay in advance part of the “Aguinaldo (Christmas Bonus)” for federal bureaucrats so that they have cash during this weekend and can “take advantage” of El Buen Fin offers. Some private companies have decided to do the same, however, we have noted the concern of some companies regarding the advanced payment of the Aguinaldo if this would be contrary to law. In fact, the Federal Labor Law on Article 87 refers only to the deadline to pay this benefit, which is the December 20th, of each year, so yes, they can forward the payment of this benefit without any problem.

“El Buen Fin” might be the economic stimulus that Mexico needs

Hopefully El Buen Fin is successful, unfortunately it comes at a time when the Mexican economy, and global, goes through a complicated time, coupled with this, we are starting to hear some offers from some banks encouraging people to spend and purchase products with their credit cards and with monthly payments without interests or with very low interests. It might have been a good idea that part of the program would consist of people paying only with cash or debit card, that is, that people only spend what they have, otherwise, taking into consideration the complicated times we are going trough, El Buen Fin has the danger of becoming the day in which many buyers sold their souls to the banking system.

About the author Gustavo Calderón:

Gustavo Calderón, is a Lawyer and University Professor in Playa del Carmen, Mexico, with more than 10 years of experience in Corporate Law and Real Estate Law. Mr. Calderón focuses his practice towards serving the expatriate population of the Riviera Maya.