18-day nationwide sale opens Thursday with 40,000-plus businesses; discounts on beef, seafood, home appliances and vehicles
The government will hold a large-scale discount event from Thursday through Nov. 15 to boost domestic consumption and revitalize local commercial districts. Discounts will cover everything from cars and home appliances to beef and seafood, and local gift voucher discount rates will be raised to as high as 17 percent.
The Ministry of SMEs and Startups said Tuesday it reported the plan for the second Korea Grand Festival to the Cabinet.
The 18-day event runs from Thursday to Nov. 15 and consolidates separate consumer-promotion campaigns run by multiple ministries — including the Ministry of SMEs and Startups' Donghang Festival, the Ministry of Trade, Industry and Energy's K-Sale Festa, the Ministry of Agriculture, Food and Rural Affairs' agricultural discount event, and the Ministry of Oceans and Fisheries' seafood sale.
The Korea Grand Festival was first held last year, linking the schedules and benefits of previously separate discount events into a single national consumer festival. According to the government, integrating the events last year expanded the overall retail sales increase by 2.3 percentage points compared with holding them separately.
This year, the number of participating businesses has been expanded to more than 40,000, and ties with neighborhood commercial districts and tourism and cultural programs have been strengthened.
Discounts on cars and home appliances are also on offer. Five domestic automakers — Hyundai Motor, Kia, GM Korea, Renault Korea and KG Mobility — will begin selling select models at reduced prices from Sunday. Certified used cars from Hyundai Motor and Kia will participate in the festival for the first time.
Samsung Electronics and LG Electronics will also launch discount events on major home appliances from Sunday. Specific discount rates for cars and large appliances will be announced the same day. Winix will offer up to 39 percent off air purifiers, dehumidifiers and humidifiers.
Hypermarkets and supermarkets will also hold sales. Major retailers including E-mart, Lotte Mart and Homeplus will offer up to 50 percent off meat, seasonal seafood, processed foods and household goods, or sell items on a buy-one-get-one basis. Major department stores including Hyundai Department Store, Shinsegae and Lotte will run discounts of up to 50 percent, centered on winter clothing.
Food discounts will also be expanded. Major retailers nationwide will sell Korean beef and seafood at up to 50 percent off. The beef discount runs from Wednesday through Nov. 8, while the seafood discount runs from Wednesday through Nov. 29.
Ahead of kimchi-making season, key ingredients including cabbage, radish, chili peppers and garlic will be sold at up to 40 percent off from Thursday through Dec. 2. Mobile agricultural vouchers will be available at a 20 percent discount from Nov. 2 through Nov. 15.
Discounts on products from small and medium-sized enterprises and small business owners will continue throughout the event. Online shopping platforms including 11st, G-Market and Grip will sell SME and small-business products at 20 percent off through time-limited deals and live commerce. Naver will run a special sale offering up to 60 percent off small-business products.
Hyundai Ezwel and Lotte On will sell products from more than 140 traditional market vendors at up to 30 percent off. Home & Shopping will run a 100 million won ($75,600) promotional event from Sunday through Nov. 7, offering customers 7 percent reward points and a 7 percent card discount. Public home-shopping channel GongYeong Home Shopping will also run periodic promotions including 5 percent discounts and 5 percent reward points.
Local gift voucher discounts will also be expanded. During the event, discount rates for local gift vouchers in the Greater Seoul area will rise from 8 percent to 13 percent, while rates outside the metropolitan area will increase from 10 percent to 15 percent. In areas with declining populations, the rate will go up from 12 percent to 17 percent. However, the actual discount periods will vary by local government.
Digital Onnuri gift vouchers will be sold at a 10 percent discount — up from the usual 7 percent — for five days from Nov. 2 through Nov. 6.
A "mutual-benefit consumer lottery" worth a total of 1.7 billion won will also be held. Winners will be drawn from among digital Onnuri gift voucher users, with 5,600 people selected to receive prizes. One entry ticket will be issued for every 30,000 won in cumulative spending, and purchases made outside the Greater Seoul area will earn double the entries. The top prize is 30 million won.
The government's simultaneous expansion of discounts on both local gift vouchers and digital Onnuri vouchers is aimed at steering consumer spending toward traditional markets and neighborhood commercial districts rather than concentrating it at large retailers. The measures particularly focus on stimulating regional consumption by applying differentiated discount rates by area and offering extra lottery entries for spending outside the Greater Seoul area.
Events tied to local commercial districts will also be held. Discount sales and commercial district tours will be held at 159 local shopping areas and markets nationwide, including the Dongmyeong district in Gwangju and Jinju's Jungang Market. Consumers who visit landmark local establishments such as Sungsimdang, Samjin Eomuk and Taegeukdang will receive discount coupons and prizes to encourage spending at nearby businesses.
A combined opening ceremony will be held Saturday at the site of the old Andong Station in Andong, North Gyeongsang Province. Live commerce and cultural performances will take place, and discount events will also be held at nearby traditional markets and shopping streets.
Programs for foreign tourists will also be available. Up to 25 percent discounts will be offered at 25 duty-free shops nationwide, and the four grand palaces — including Gyeongbokgung and Changdeokgung — as well as Jongmyo Shrine and the Joseon Royal Tombs will be open free of charge during the event period.
The government plans to use the festival to revitalize domestic consumption while developing it into a signature consumer event that draws foreign tourists as well.
boo@heraldcorp.com
