South Korea launches its biggest‑ever shopping festival with around 37,000 companies taking part. Finance Minister Koo Yun‑cheol has pledged to ramp up domestic spending and give added help to small businesses.
Korea Grand Festival, South Korea’s largest‑ever nationwide shopping event, is happening both online and offline from Wednesday through November 9, with about 37,000 companies participating, according to the Ministry of Economy and Finance.
Major department stores, discount retailers, traditional markets and convenience stores, as well as various online platforms are offering big discounts, while the government is running a wide range of promotional events nationwide.
Last month, industrial production rose by 1% compared to the previous month, according to data from the Statistics Korea. Retail sales – a measure of consumer spending – slipped by 0.1%. On the investment side, facility investment rebounded sharply, jumping 12.7% from the prior month.
According to preliminary data from the Bank of Korea, real GDP, a key measure of economic growth, rose by 1.2 % in the July‑September quarter compared with the previous quarter.
Executive Statement
According to Finance Minister Koo Yun-cheol, private consumption has risen at the fastest pace in years. This festival is expected to help boost the economy and support small business owners. The government will continue efforts to make sure that livelihood-related policy measures are properly implemented and make necessary improvements.