South Korea arranged a rare early summer blowout in national scale that would include all big and small retail stores for two weeks across June and July to spur consumption amid broad economic fallouts from lengthy virus threat.

The state-backed Korea Sale Festa, the country’s biggest annual shopping extravaganza is usually held once a year in the second half.

Under the plan announced during the fifth emergency economic meeting at the government complex in Seoul on Thursday, Korea Together Sale will kick off on June 26 for two weeks across the country. It is the first time for the government to hold a special discount shopping bonanza in the first half of the year.

“Korea Together Sale will provide a ground for a boost in consumer spending and help ease hardships facing small and mid-size and large retailers and merchants whose businesses have been hit by coronavirus such as plunge in sales and movement restrictions,” said finance minister Hong Nam-ki.

The minister added that the sales event will offer maximum incentives such as special discounts, online discounts, deal coupons, and regional gift certificates. The sales festival will also link Korea Gourmet event that offers discounts at Korean food restaurants, which will spur more spending for eating out. There will also be various travel-related programs.

According to the Ministry of SMEs and Startups, Korea Together Sale will be participated by about 2,000 entities, including 633 traditional markets and more than 1,000 businesses and small merchants.

The government will fund marketing expenses to smaller businesses participating in the shopping event. Traditional markets across the country will each be offered an average of 40 million won ($32,232) worth of marketing costs to hold events.

Large companies will also be invited to take part in the event. The government plans to expand refund budget on high-efficient consumer electronics from 150 billion won to 450 billion won. Clothes drying machine will also be added to the list subject to government’s refund program in addition to already 10 listed items including refrigerators and air conditioners.

The government will also invite small businesses to sell items through private online shopping malls and TV home shopping channels. It will also help those in agro-livestock industry to use various shopping channels by lowering producer and sales commission costs and program participation fee at dedicated home shopping channel programs.

The Korea Together Sale will also offer dining and travel events. There will be a non-face-to-face special event linking online platform and offline site in Sungnyemun in central Seoul in early July.

The government, meanwhile, will hand out safety guideline ahead of the event under the country’s everyday life quarantine policy.

By Lee Eun-joo

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]