Seoul – South Korea’s Finance Minister Koo Yun‑cheol said on Sunday that the government is stepping up its drive to boost domestic shopping, as the country’s biggest annual sale event— the Korea Grand Festival— kicks off at record size.
The festival, often called Korea’s “Black Friday,” runs nationwide from Wednesday to November 9 and will involve roughly 37,000 businesses, the Ministry of Economy and Finance confirmed. Major department stores, discount chains, traditional markets, convenience shops and online platforms are slashing prices, while the state plans a mix of promotions across the country, Yonhap news reports.
Koo urged shoppers to take advantage of the deals, noting that private consumption has grown faster than in years and that the festival could lift the economy and give a boost to small retailers. “The government will keep working to make sure that livelihood‑related policies are effectively carried out and will tighten any gaps,” he added.
Meanwhile, industrial output edged up in September, rising 1 per cent month‑on‑month, while retail sales fell 0.1 per cent for the second month in a row, data from the Ministry of Data and Statistics show. Facility investment jumped 12.7 per cent as factories rebound from August’s dip.
On the macro side, Korea’s economy grew at its fastest pace in a year and a half in the third quarter, powered by strong exports and rising consumer spending, the Bank of Korea’s latest figures reveal. Real GDP rose 1.2 per cent from the June quarter to the September period.
The Finance Ministry says it will keep pushing policies that support everyday consumers and small businesses, aiming to create a more resilient domestic market.
Source: ianslive
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