How is the S. Korean Finance Minister Enhancing Domestic Consumption?
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Synopsis
In light of the largest annual shopping event in South Korea, Finance Minister Koo Yun-cheol has committed to boosting domestic consumption. His initiatives aim to stimulate the economy and support small businesses during the Korea Grand Festival. With thousands of companies participating, this event promises significant savings and economic growth.
Key Takeaways
- South Korea's annual shopping festival, the Korea Grand Festival, is taking place at an unprecedented scale.
- The event features participation from approximately 37,000 businesses.
- Significant discounts are being offered across various retail sectors.
- The government is actively promoting the festival to boost the economy.
- Private consumption is on the rise, contributing to economic growth.
Seoul, Nov 2 (NationPress) Finance Minister Koo Yun-cheol announced on Sunday his commitment to intensify initiatives aimed at enhancing domestic consumption, coinciding with South Korea's annual nationwide shopping festival, which is being celebrated on an unprecedented scale, according to his office.
The Korea Grand Festival, comparable to Black Friday, is being held both online and offline across the nation from Wednesday until November 9, with approximately 37,000 businesses taking part, as reported by the Ministry of Economy and Finance.
Leading department stores, discount chains, traditional marketplaces, convenience stores, and numerous online platforms are providing significant discounts, while the government is coordinating various promotional activities throughout the country, as per reports from Yonhap news agency.
“Private consumption has surged at the highest rate in years. This festival is anticipated to stimulate the economy and assist small business owners,” Koo stated, urging the public to actively engage in the event.
“The government will persist in ensuring that livelihood-related policies are effectively executed and will implement necessary enhancements,” he added.
In September, South Korea's industrial production saw a month-on-month increase, while retail sales experienced a decline for the second consecutive month.
According to data from the Ministry of Data and Statistics, industrial output rose by 1 percent in September compared to the prior month. Meanwhile, retail sales, a reflection of consumer spending, decreased by 0.1 percent month-on-month. Facility investments surged by 12.7 percent, rebounding from a decrease in August.
Additionally, South Korea's economy experienced its fastest growth in a year and a half in the third quarter, bolstered by robust exports and rising private consumption, as indicated by central bank data.
Preliminary figures from the Bank of Korea (BOK) revealed that the real gross domestic product (GDP), a crucial indicator of economic growth, climbed by 1.2 percent in the July-September period compared to the previous quarter, according to reports from Yonhap news agency.
Point of View
It is clear that the government's proactive approach to enhancing domestic consumption through initiatives like the Korea Grand Festival is vital. Such measures reflect a commitment to economic stability and support for small businesses, which are essential for national growth. We stand by the nation’s efforts to foster a robust economic environment.
NationPress
05/11/2025
Frequently Asked Questions
What is the Korea Grand Festival?
The Korea Grand Festival is an annual nationwide shopping event in South Korea, similar to Black Friday, featuring significant discounts from thousands of participating companies.
When does the Korea Grand Festival take place?
The festival runs from November 2 to November 9.
How many companies are participating?
Approximately 37,000 companies are participating in this year's festival.
What is the government's role in this event?
The government is organizing various promotional events nationwide to encourage public participation and bolster economic growth.
How is consumer spending trending in South Korea?
Private consumption has seen a rapid increase, although retail sales have declined slightly for the past two months.
