"Year-End and New Year Gatherings as Planned, Gifts from Local Specialties"…KCCI Takes Steps to Revitalize Domestic Consumption

Emergency Notice Sent to 73 Chambers of Commerce Nationwide and 25 District Chambers in Seoul

Amid growing uncertainties surrounding our economy, the business community has stepped up to boost domestic demand. An urgent official letter encouraging the normal conduct of year-end and New Year gatherings and events, as well as the purchase of local specialties, was sent to chambers of commerce nationwide.

The Korea Chamber of Commerce and Industry (KCCI) announced on the 25th, "We have sent urgent official letters to 73 chambers of commerce across the country and 25 district chambers in Seoul," adding, "We will launch a joint campaign to revitalize the sluggish domestic market." Earlier, on the 17th, KCCI Chairman Chey Tae-won met with National Assembly Speaker Woo Won-shik and said, "To stimulate domestic demand, the 73 chambers nationwide will prepare various measures, including consumption promotion campaigns."

Recently, the retail sales index, which gauges domestic demand, fell 1.9% year-on-year in the third quarter, marking the tenth consecutive quarter of decline. Credit card usage nationwide in the first week of this month also plunged 26% compared to the previous week. The KCCI stated, "Although the year-end and New Year period is usually a peak consumption season, consumer sentiment has sharply contracted recently, exacerbating difficulties for small business owners."

On the 20th, Gyeongdong Market in Dongdaemun-gu, Seoul, appeared quiet. Photo by Kang Jin-hyung

Through the official letter, the KCCI requested that regional chambers of commerce focus on holding major business events such as New Year gatherings early in the year and urged the continuation of year-end and New Year meetings and events. At the '1st Yeosu Business Day' event held by the Yeosu Chamber of Commerce on the 19th, about 230 local businesspeople attended, presenting awards to businesspeople who contributed to regional economic development and holding a declaration ceremony for new entrepreneurial spirit. The KCCI plans to expand and hold similar events nationwide.

Additionally, they urged the conduct of year-end and New Year gatherings, use of remaining annual leave by employees, taking winter vacations domestically, encouraging the purchase of local specialties, and the purchase and distribution of Onnuri gift certificates.

The KCCI also plans to hold an idea contest to revive domestic demand through a communication platform. Winners will receive various prizes such as local specialties, regional tourism products, and Onnuri gift certificates. They will produce content featuring recommended restaurants from the 73 regional chambers and promote it via YouTube.

Meanwhile, on the 20th, Chairman Chey Tae-won held a year-end executive meeting urging the KCCI staff to make efforts. Senior Vice Chairman Park Il-jun also encouraged consumption by distributing 'domestic demand revival coupons' to employees ahead of Christmas. Next week, he plans to visit local shopping districts with new and current employees to gather on-site opinions for boosting domestic demand.

Vice Chairman Park said, "The difficulties of hundreds of thousands of small business owners continue due to the contraction of the regional economy and domestic demand," adding, "We will ensure the campaign does not remain a one-off event but gathers ideas from the entire nation to develop and implement various measures to revitalize domestic demand."