Minister Han Seong-sook of the Ministry of SMEs and Startups said in her opening remarks at the economic ministers' meeting on the 2nd, "As the sluggish domestic demand has reversed course and is showing signs of recovery, we need to spread the recovery in consumption across the broader economy," adding, "We will push ahead with the Korea-wide discount festival, the 'Korea Grand Festival.'"
The "Korea Grand Festival" is a discount festival like Black Friday in the United States, held for 12 days from Oct. 29 to Nov. 9. The Minister said, "Polls show that more than 80% of people in Korea would like to see an event like Black Friday held domestically," adding, "We will bring together various discount events hosted by the government and the private sector in one place to hold a discount festival that everyone can feel."
The Korea Grand Festival offers a variety of discount benefits. First, local love gift certificates will be discounted an additional 5% compared with the usual rate, allowing discounts ranging from 12% to 20% by region. Digital Onnuri Gift Certificates will also provide an effective discount of at least 15% and up to 25% through special refunds.
Everyday necessities closely tied to daily life, such as agricultural, fishery and livestock products, home appliances, and daily essentials, will also see large-scale discounts. It also plans to offer price discounts and coupons for lodging, travel, and culture to help revitalize regional tourism. In addition, programs for foreigners will be prepared. Through duty-free discounts, special reverse-direct purchase exhibitions, and support for tourism services, the festival will be organized so that overseas tourists can enjoy it as well.
Meanwhile, the Ministry of SMEs and Startups plans to build an integrated platform in Oct. so that people can easily find benefits.