Black Friday in Mexico
Every year, at the end of November, Mexico participates in the emblematic American Black Friday, a global retail event that has become a key moment for consumer spending. Originating in the United States in 1961, Black Friday has since spread internationally and is now embraced by Mexican retailers, offering consumers the opportunity to purchase products at significant discounts.
Such is its influence that, in 2011, Mexico created its own version of the event, “El Buen Fin”. This initiative has grown in popularity over the years, with a surge in sales and intense competition among brands. For consumers, Black Friday provides an opportunity to maximise their purchasing power, while for businesses, it acts as a critical driver of sales, enabling them to assess market trends, consumer behaviour, and economic performance.
The top four companies leading Black Friday sales in Mexico are Amazon, Walmart, Liverpool, and Best Buy. Additionally, Black Friday offers small and medium-sized businesses the chance to increase visibility, strengthen brand presence, and compete in an increasingly crowded retail market.
How impactful is Black Friday?
It is widely acknowledged that one cannot discuss the Thanksgiving season without mentioning the impact of Black Friday. Last year, this shopping event generated over 32 billion pesos, reflecting a growth of 15% compared to previous years. This increase highlights Black Friday’s growing influence on Mexican consumer behaviour, as it continues to attract a significant number of shoppers both in-store and online.
According to the Mexican Association of Online Sales (AMVO), the event has become one of the most important sales periods of the year, driven by consumer demand for discounts and the increasing popularity of e-commerce. In fact, digital sales surged by 22% during Black Friday, illustrating that more Mexican consumers are embracing the convenience of online shopping.
The changing nature of product sales
Over the years, the way brands promote Black Friday has undergone a significant transformation, with a noticeable shift towards digital advertising channels. Traditionally, Black Friday was heavily promoted through print media, television, and in-store signage. Today, however, the landscape has changed dramatically. Digital platforms such as social media, search engines, and email marketing have become dominant tools for reaching consumers.
Platforms like Facebook, Instagram, and Google Ads have proven especially effective in targeting specific audiences, while influencer partnerships and live-streamed events play an increasingly important role in driving sales. Studies reveal that nearly 60% of consumers in Mexico now discover Black Friday deals through online advertisements and social media, highlighting the growing reliance on digital marketing strategies.
With the rise of mobile shopping, brands are optimising their websites and creating mobile-friendly ads to enhance the shopping experience. This makes it easier for consumers to shop on-the-go and take advantage of Black Friday discounts. This shift towards digital sales underscores the impact of technology on society. Who knows what future Black Fridays will hold?
Gender dynamics in Black Friday shopping
The way products are sold, and the overall shopping experience, differ between men and women. According to the NPD Group, men tend to spend more during Black Friday, particularly on electronics, while women are more likely to purchase clothing and accessories.
Additionally, Statista reports that consumers aged 25 to 34 represent the largest age group participating in Black Friday sales. Meanwhile, Salesforce highlights the increasing importance of digital touchpoints in shaping consumer purchasing decisions. As the scope of the shopping event continues to expand, it remains to be seen how brands and consumers will navigate the complexities of Black Friday in the years ahead.
Shopping psychology in Mexico
A survey conducted by Akamai Mexico found that 45.27% of respondents fear that special and cheap offers are not genuine, perceiving them as scams. Furthermore, 41.02% worry about falling victim to online scams, highlighting a widespread distrust of promotional authenticity.
This concern is more prevalent among women, while men tend to be less apprehensive. Other notable concerns include the rapid depletion of the best products and offers (cited by 28.88% of respondents), along with issues related to website and payment system overloads, affecting 12.86% and 13.83%, respectively. This saturation is a key reason why, despite technological advancements and the ease of online shopping, in-store purchases remain the first choice for many consumers.
Black Friday in Guatemala
Black Friday has gained significant relevance in Guatemala in recent years, boosting both e-commerce and sales in physical stores. Annual online commerce revenue in Guatemala is estimated to be between $100 million and $150 million USD. During events such as Black Friday, an increase in online sales has been observed, with expectations of growth between 18% and 35% by the end of 2020.
Although Black Friday has grown in popularity, discounts in Guatemala are not always as substantial as in other countries. Some consumers have noted that certain stores increase prices prior to the event and then apply discounts that do not represent real savings.
E-commerce growth:
- 2020: The COVID-19 pandemic boosted online sales, with an estimated increase of 18% to 20% compared to 2019.
- 2022: E-commerce in Guatemala grew by 89%, reaching approximately $8.5 billion USD.
- 2023: An additional 45% growth in e-commerce is projected, estimating a total volume of $12 billion USD.
In Guatemala, alongside Black Friday, other initiatives offer significant discounts to consumers, such as:
- “Black Weekend”: An extension of Black Friday spanning an entire weekend.
- Cyber Monday: Focused on promotions and discounts for online purchases.
- Cyber Day: Organised by the Guatemalan Chamber of Commerce.
Black Friday in Costa Rica
Black Friday in Costa Rica is a strategic event that stimulates consumption, drives the economy, and creates jobs, establishing itself as a pivotal date for commerce, especially in sectors such as electronics, footwear, clothing, health, cosmetics, beauty products, and hospitality services.
In Costa Rica, retailers begin promotions as early as October, using the event to clear inventories and generate liquidity ahead of the fiscal year-end while preparing for the holiday season. The Costa Rican Chamber of Commerce estimates that approximately 11,000 temporary jobs are created during this period.
However, doubts remain about whether retailers truly offer significant discounts. Last year, the Ministry of Economy, Industry, and Commerce (MEIC) inspected 121 stores, and the main findings were:
- 45% of businesses comply with current regulations, while 55% (66 businesses) showed one or more violations.
- 90% of businesses correctly disclose the final price, including taxes.
- 81% provide information about the previous price, current price, or the promotional benefit.
- 66% indicate the validity period of the offer.
- 98% allow payments for offers using cash, credit, or debit cards.
- 98% ensure the availability of all products or services promoted.
- 67% with restrictions on offers adequately disclose these at the point of sale.
- 84% that use phrases such as “while supplies last” comply by specifying the quantities available during the promotion.
- 95% honour warranty rights for products and services on sale.
With the growth of online sales, consumer preferences have shifted, strengthening omnichannel strategies and accelerating digital adoption. Costa Rica stands out as the leading e-commerce market in Central America, with sales reaching $5.5 billion USD in 2023, according to transactional data from Payments and Commerce Market Intelligence (PCMI).
The success of online sales in Costa Rica is partly attributed to its highly banked population, with 82% of adults having a bank or fintech account. Additionally, it is estimated that four out of five adults (80%) in the country are already shopping online.
Black Friday in Panama
Since 2020, Panama has seen remarkable growth in commercial events like Black Friday and Panama Black Weekend, significantly impacting the national economy.
Panama Black Weekend:
- 2021: Following economic recovery, Panama Black Weekend generated approximately $70 million USD in sales.
- 2022: Sales increased by 20%, reaching approximately $84 million USD.
- 2023: Sales continued to grow, totalling $86 million USD, surpassing previous years’ figures.
These events have greatly contributed to Panama’s economy, particularly in the retail and tourism sectors. The influx of tourists during Panama Black Weekend has increased hotel occupancy and spending in restaurants and other services. For instance, in 2022, more than 2,400 tourists were reported to have visited during the event, from countries such as Colombia, Ecuador, Peru, Uruguay, Brazil, Argentina, Cuba, the Dominican Republic, Costa Rica, El Salvador, and Guatemala.
Top products in demand during these events:
- Electronics and technology: Televisions, computers, and mobile phones.
- Fashion and accessories: Clothing, footwear, and jewellery.
- Home goods: Furniture and décor.
Black Friday in Central America
Adopted in Central America more than a decade ago, Black Friday has established itself as a major event with regional impact, driven by the rise of e-commerce, the influence of remittances, and the region’s economic challenges. Since 2020, online sales have increased by more than 30%, with initiatives like “Black Week” and “Cyber Days” extending promotions and offering discounts of 20% to 70% across various categories.
The event has contributed to 10%-15% growth in commercial GDP, compared to regular months. In countries like El Salvador and Nicaragua, remittances play a crucial role in financing consumption during this period. Organisations such as Acodeco in Panama and the Guatemalan E-commerce Guild monitor promotions to ensure transparency and prevent unfair practices.
The pandemic accelerated the shift to online shopping, with digital sales increasing by 30%-40%. In 2021, economic recovery generated 20%-25% revenue growth, and in 2022, sales grew by 15%, driven by international buyers in Panama. In 2023, sales exceeded expectations, with 18% growth due to the integration of physical and digital offers.
Black Friday in Central America reflects the influence of global trends and the region’s adaptability, solidifying its role as a key driver of commerce, with e-commerce leading this transformation.
