A ‘Black Friday’ shopping ritual coming to Mexico? – latimes.com

Posted by deslava27 |

A ‘Black Friday’ shopping ritual coming to Mexico? – latimes.com.

Over the weekend, Buen  Fin, or Mexico’s version of Black Friday kicked off the weekend here in Mexico. It was an interesting event rivaling that of Christmas, Stores packed, people shopping and getting ready for the holidays. Most people milled around the electronic section, while weekend shoppers looked for deals in the food and basic necessity isles. The event was a shopping spree, but as anything imposed, only certain people participated. After President’s Calderon message of shop for the country speech reminiscent of George W. Bush, he allowed part of the Christmas bonus for government employees to be given for them to shop in the Buen Fin promising it to be the cheapest of the year. Deals on items included 12-48 interest free payment on all purchases with Credit cards or up to 25% in savings.  People stacked up on 2 Tv’s, computers and other electronics. Yet the vultures offering credit cards with less than an hour of approval circled among the cloud offering credit to anyone willing to sign.

Buen Fin is a horrible idea, because most people instead of buying thing they normally save up during the year for Christmas are spending them ahead of time. Mexico is not a rich county by any extent, and most people shop within a stretch budget.  The Aguinaldo is originally a fund set aside for the employees to spend on their Christmas meal, and many in Mexico come to rely on it as a year-long saving. The amount varies every year depending on how well the company did but its a much welcome bonus that allows people to enjoy a good family meal at the end of the year. With part of the amount given upfront in November, a country unaccustomed to this new debt will feel the burden come Christmas when their saving because a lot smaller.  Calderon imploring the country to shop just show how much of a puppet he is for the US economy. To boost sales in the US he promotes sales in Mexico. Forget addressing the war on drugs, the increasing gap between the rich and the poor and corruption. Shop is his answer. I’d hate to see the same credit bubble here that occurred in the US.