South Korea to launch 18-day discount festival from Oct. 29

South Korea will hold an 18-day nationwide shopping and culture festival from Oct. 29 to Nov. 15, with discounts of as much as 50 percent on beef, seafood and clothing, the Ministry of Culture, Sports and Tourism said Tuesday. The second Korea Grand Festival brings together discount events previously run separately by individual government bodies, in an effort to lift domestic spending and support local businesses.

The government expanded the number of participating companies to about 40,000 this year and is tying the discounts to small merchants, traditional markets and regional tourism. The ministry said the first edition lifted retail sales growth by 2.3 percentage points compared with the same promotions run individually.

Major retailers, automakers and electronics makers are taking part. The country's five domestic automakers, including Hyundai Motor and Kia, will offer discounts on popular sedans and SUVs from Nov. 1, and Hyundai and Kia's certified used-car businesses will join for the first time. Samsung Electronics and LG Electronics will run promotions on major home appliances from Nov. 1. Large discount stores and warehouse-style outlets plan markdowns of up to 50 percent or two-for-one offers on meat, seasonal seafood and household goods, while department stores will focus on winter clothing. About 300 retailers, including supermarkets and regional agricultural cooperatives, will sell cabbage, radish, red pepper, garlic and ginger at up to 40 percent off from Oct. 29 to Dec. 2. Korean beef will be discounted by up to 50 percent at retailers nationwide from Oct. 28 to Nov. 8, around a day set aside to promote the meat on Nov. 1, and seaweed, salted shrimp and sea salt will carry discounts of as much as 50 percent from Oct. 28 to Nov. 29.

Consumers using digital Onnuri gift certificates, a local-voucher scheme, will see the discount rate raised to 10 percent from 7 percent for five days from Nov. 2. A lottery for voucher users will hand out a total of 1.7 billion won ($1.29 million) to 5,600 winners, with entries issued for every 30,000 won spent and doubled for purchases outside the capital region. Nine credit card companies will offer statement discounts and cashback of 10 percent at traditional markets and small shops, and eight public delivery apps will run a prize event worth 10 million won.

Duty-free shops nationwide will offer 25 percent discounts, the country's four main palaces will open free of charge and the National Theater will stage free performances.