Small Business and SME's Largest Event 'Donghaeng Festival' to be Held Nationwide in May

The Ministry of SMEs and Startups announced on the 21st that the Donghaeng Festival, the largest domestic event promoting consumption of products from small and medium enterprises (SMEs) and small business owners, now in its fourth year, will be held from May 1 to May 28.

The Donghaeng Festival will be held in a diverse manner nationwide, including overseas, and both online and offline. Until now, the festival has been promoted as a sales-focused consumption campaign to revive sluggish consumer sentiment. This year, it has been specially developed into the "All Citizens, Joining Forces" campaign, encouraging the entire nation to unite from small consumption to large investments to boost local economies across the country.

The May event will be conducted as a venue for exchange and harmony involving both citizens and businesses, reflecting the significance of "Family Month" and "SME Week." Considering that small business owners in local commercial districts have yet to recover to pre-COVID-19 levels due to accumulated damages, the festival plans to focus on revitalizing local commercial areas by linking with regional events held nationwide.

The opening ceremony will take place on May 9 in Daejeon. The festival will also connect with 30 regional festivals and events such as Ulsan’s "Gorae Festival," Hadong’s "World Tea Expo," Chungnam’s "Taean Flower Expo," and Jeonju’s "Hanok Village Spring Market," expanding into a nationwide Donghaeng Festival.

A total of 46 major domestic private online shopping malls including Gmarket, 11st, Interpark, Coupang, and Wemakeprice, along with 60 public shopping malls operated by the government and local governments, will offer discount coupons (up to 50% off), time-limited special deals, and special exhibitions to sell approximately 19,000 SME and small business products at discounts of up to 50%.

This year, O2O (Online to Offline) platform companies based on local delivery and brokerage services such as Baedal Minjok, Yogiyo, Kakao, and KT will participate in large numbers. They will support discount coupons and advertising to help promote sales for about 4,000 small business stores struggling with offline operations.

To reduce consumers’ burden when purchasing products during the Donghaeng Festival, the monthly personal purchase limit for Onnuri gift certificates has also been increased. Thirteen regional currencies will be operated with increased purchase limits or discount rates.

In Japan, a promotional event will be held in conjunction with the Korean Wave concert (May 12?14). Marketing using local influencers is also planned. Additionally, promotional events for excellent products will be held at 10 global distribution platforms by region, including duty-free shops and platforms in North America, China, Japan, and ASEAN.

Lee Young, Minister of SMEs and Startups, stated, “I hope this Donghaeng Festival will thaw the frozen consumer sentiment and become an opportunity for all citizens to join forces from small consumption to large investments to revitalize our economy,” adding, “Active participation from the public is necessary for the Donghaeng Festival to be successfully held.”