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After 30,000 jobs lost in Yucatan, an eye to recovery by the end of the year

Buen Fin promotions will tempt holiday shoppers for a full week, a means to reactivate the economy

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The Buen Fin promotion in Mexico has traditionally motivated shoppers to spend during the holidays. Photo: File

Can holiday shoppers help recover the estimated 30,000 jobs lost in Yucatan to the coronavirus crisis?

The local Business Coordinating Council was optimistic, reporting that the state’s employment outlook will improve in the final three months of 2020.

In an interview with Novedades Yucatan, the business council President Alberto Abraham Xacur said that the recovery has already begun.

“There is definitely going to be a recovery in the final stretch of the year,” Abraham Xacur said. “There was a sharp drop, there were companies that did not work for four to five months. Obviously the recovery of employment has already begun … when construction activity began, many masons returned to work and 10,000 jobs were recovered.”

The yearly Buen Fin holiday sales promotion could help get money flowing in Yucatan again.

Buen Fin will extend beyond the traditional three days so that the population can buy products at better prices, said Michel Salum Francis, president of the local business chamber. This year, the promotion will take place Nov. 9-16 — a full week of black-Friday-style holiday sales from hundreds of participating merchants.

“This time it is not about generating profits for companies, it is about companies having liquidity to pay salaries, to reduce layoffs and recover sources of employment that are very important for workers,” he said.

The process of economic reactivation has been very slow, as well as uneven, acknowledged the president of Coparmex-Yucatán, Fernando Ponce Díaz, pointing out that trade and construction have roared ahead while tourism and retail have not been able to regain their footing.

Source: Sipse

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