Government Boosting Domestic Demand... Donghaeng Festival Expanded and Revised Three Times This Year

Joint Ministry Announcement on 'Domestic Demand Revitalization Measures'
Ministry of SMEs and Startups Hosts Public-Private 'One Team' Companion Festival
Collaboration with Overseas Platform Entry and KCON, etc.

President Yoon Suk-yeol is receiving a report on measures to revitalize domestic demand from Deputy Prime Minister for Economy Choo Kyung-ho at the 15th Emergency Economic and Livelihood Meeting held at the Yongsan Presidential Office Building in Seoul on March 29, 2023. Photo by the Presidential Office Press Photographers Group [Image source=Yonhap News]

The government-led domestic demand promotion event, the 'Korea Together Festival,' will be expanded to be held three times this year in May, September, and December.

Lee Young, Minister of SMEs and Startups, announced the 'Domestic Demand Revitalization Measures' with this content at the 5th Emergency Economic and Livelihood Meeting chaired by President Yoon Seok-yeol on the 29th.

First, unlike last year, the Together Festival will be held early in May to stimulate consumption in the first half of the year, and the number of events will increase to three, including September and December.

To this end, private companies, related ministries, and local governments plan to form a one-team collaboration. In the private sector, promotional events such as special sales exhibitions on online channels, distribution and manufacturing companies of over 220 locations, and 1,800 traditional markets and shopping districts will be held, including live commerce special sales.

The government will provide △card discounts (Financial Services Commission) △delivery fee discounts (Korea Post) △duty-free product exhibitions (Korea Customs Service) △discounts on agricultural, livestock, and fishery products (Ministry of Agriculture, Food and Rural Affairs and Ministry of Oceans and Fisheries) △allowing parking around traditional markets (Ministry of the Interior and Safety) △use of electronic billboards and advertising support (Ministry of Culture, Sports and Tourism). Local governments will link with 24 regional festivals and events and engage in discounted sales of local gift certificates.

[Image source=Yonhap News]

The Together Festival will also be connected to overseas markets. Support will be provided for entry into overseas platforms, such as holding sales exhibitions on global shopping malls introducing excellent products from the Together Festival. Promotional events linked with K-CON will also be held. In May, it will be linked with Japan, in August with the United States, and in September with Indonesia.

The special sale of Onnuri gift certificates, which was limited to holidays, will also be conducted year-round starting next month. The monthly purchase limit per individual for gift certificates will increase to 1 million KRW for paper certificates, 1.5 million KRW for card certificates, and 1.5 million KRW for mobile certificates.

Additionally, to enhance consumer convenience, related systems will be improved with the goal of surpassing 200,000 affiliated stores for gift certificates. While encouraging non-affiliated stores to join, the criteria for alley-type shopping districts will be relaxed to increase affiliated stores. A comprehensive review will also be conducted on industries where registering as a gift certificate affiliated store is fundamentally impossible, with plans to reorganize in the second half of this year.

Accessibility will also be improved so that more domestic and foreign tourists visit small business owners and traditional markets. Traditional market tour products like the Paldo Market Train will be developed, and overseas promotional briefings for traditional markets will be held. Payment convenience will also be improved by attaching WeChat and UnionPay stickers to Zero Pay affiliated stores (1.66 million stores).

Minister Lee stated, "We will make every effort to revitalize consumption sentiment and tourism by holding a relay of consumption promotion events to bring vitality back to small business owners and traditional markets and by improving accessibility for domestic and foreign tourists."