Korea Grand Festival kicks off with record discounts across industries

10 ministries, 40,000 firms take part

Five automakers including Hyundai Motor, Kia to offer discounts

Sales on appliances, farm produce and daily goods

Nationwide consumer festival runs through Nov. 15

Ministry of SMEs and Startups Minister Lee So-young visits Motgol Jonghap Market in Paldal-gu, Suwon, Gyeonggi Province, on Sept. 23 to purchase fruit. [Yonhap]

A nationwide consumer festival bringing together major companies — from Hyundai Motor and Samsung Electronics to hypermarkets and online shopping platforms — has officially launched. Deep discounts are being offered on everything from cars and home appliances to farm produce and daily necessities, with 10 government ministries and about 40,000 businesses joining forces to boost domestic spending across the country.

'Korea Grand Festival' opens with discounts nationwide

The Ministry of SMEs and Startups held the opening ceremony of the second Korea Grand Festival — known by its Korean acronym Kogpe — on Saturday afternoon at the site of the old Andong Station in Andong, North Gyeongsang Province. The festival consolidates consumer events previously run separately by individual ministries into a single national-scale promotion aimed at reviving domestic demand and stimulating regional spending. This year's edition runs for 18 days, from Thursday through Nov. 15, at venues across the country.

The opening ceremony drew about 2,000 attendees, including Prime Minister Han Seong-sook, SMEs and Startups Minister Lee So-young, Minister of Patriots and Veterans Kwon O-eul, National Assembly member Kim Hyeong-dong, North Gyeongsang Province Deputy Governor for Economy Yang Geum-hee and Andong Deputy Mayor Lee Chi-heon, as well as local residents and tourists.

Andong was selected as the host city through a national competition among local governments. The festival links the city's cultural and tourism assets with commercial discounts so that visitor spending flows directly to nearby merchants and small business owners. A range of consumer events — night markets, food fairs, hands-on activities and prize giveaways — were held at Andong Gusigjang's jjimdak festival and at Jungang Sinsigjang and Yongsang Market.

Before the ceremony, Prime Minister Han and other senior officials visited nearby shops, sampled jjimdak — Andong's signature braised chicken dish — and made purchases to show support for local small business owners.

In her opening remarks, SMEs and Startups Minister Lee extended condolences to Andong residents affected by last year's wildfires. "I hope Kogpe, which begins in Andong today, will breathe new energy into the local economy and help it leap forward," Lee said.

Samsung Electronics announced Friday it will run a "Samsung Electronics Korea Grand Festival" promotion from Sunday through Nov. 30 in conjunction with the country's largest shopping event. [Samsung Electronics]

Samsung Electronics, Hyundai Motor join with appliance and auto discounts

First held last year, the Korea Grand Festival consolidates the schedules and benefits of previously separate discount events into a single national consumer promotion. According to the government, integrating the events last year expanded the overall retail sales increase by 2.3 percentage points compared with running them individually.

This year, the number of participating businesses has grown to about 40,000, and ties between 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 vehicles from Hyundai Motor and Kia are joining the festival for the first time.

Samsung Electronics and LG Electronics will also launch discount events on major home appliances starting 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.

Farm produce discounts timed to kimchi-making season

Hypermarkets and supermarkets are also holding sales. E-mart, Lotte Mart and Homeplus will offer up to 50 percent off — or buy-one-get-one deals — on meat, seasonal seafood, processed foods and daily goods. Major department stores including Hyundai Department Store, Shinsegae and Lotte will run up to 50 percent discounts focused on winter clothing.

Food discounts are being expanded as well. Major retailers nationwide will sell Korean beef and seafood at up to 50 percent off. The Korean beef promotion runs from Wednesday through Nov. 8, while the seafood promotion runs from Wednesday through Nov. 29.

Ahead of kimchi-making season, key ingredients — napa cabbage, radish, chili pepper and garlic — will be sold at up to 40 percent off from Thursday through Dec. 2. Mobile agricultural discount vouchers can be purchased at a 20 percent reduction from Monday through Nov. 15.

Discounts on products from small and medium-sized enterprises and small business owners will continue throughout the festival. 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 products from small business owners.

Hyundai Ezwel and Lotte On will sell products from more than 140 traditional market vendors at up to 30 percent off. Home and Shopping will run a 100 million won ($74,900) 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.

Programs for foreign tourists are also part of the festival. Up to 25 percent discounts will be available 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 stimulate domestic consumption while developing it into a signature consumer event that draws foreign tourists as well. "We plan to continue active regional visits by cabinet members in cooperation with relevant ministries until the event concludes, in order to spread the consumer-promotion atmosphere nationwide," an official from the Ministry of SMEs and Startups said.

boo@heraldcorp.com