Korea's Grand Sale returns Oct. 29 with discounts of up to 50 percent

South Korea's finance ministry said Tuesday it will hold an 18-day nationwide shopping festival from Oct. 29 to Nov. 15, with discounts of up to 50 percent on beef and seafood and participating companies expanded to about 40,000. The second Korea Grand Festival merges discount events previously run separately by individual ministries into a single national consumption drive, the ministry said.

Last year's first edition brought a 2.3 percentage point wider rise in retail revenue than the same promotions produced when they were held independently, according to the ministry.

The lineup ranges from daily necessities to cars and home appliances. The country's five domestic automakers will offer discounts on popular sedans and sport utility vehicles from Nov. 1, and Hyundai and Kia will join the festival in used cars for the first time. Samsung Electronics and LG Electronics will also run promotions on major appliances from Nov. 1. The specific models and discount rates for cars and appliances will be disclosed on Nov. 1.

Large supermarkets, their smaller sister stores, department stores and convenience stores are taking part. Supermarkets will cut prices on popular meats, seasonal seafood, branded processed foods and household goods by as much as 50 percent or offer two-for-one deals. The five major department stores will focus their seasonal sales on winter clothing and run special fashion exhibitions.

From Oct. 29 through Dec. 2, about 300 retailers including marts and regional agricultural cooperatives nationwide will sell key kimchi-making ingredients such as cabbage, radish, chili, garlic and ginger at up to 40 percent off. Korean beef will be discounted by up to 50 percent at retailers nationwide from Oct. 28 to Nov. 8, around the Nov. 1 holiday celebrating the meat.

Consumers who spend more stand to gain more. The ministry will add 5 percentage points to the existing discount rate on local love gift certificates for the duration of the festival, raising the rate to 13 percent from 8 percent in the Seoul metropolitan area, 15 percent from 10 percent outside it, and 17 percent from 12 percent in areas losing population. From Nov. 2 to 6, digital Onnuri gift certificates will be sold at a 10 percent discount, up from the usual 7 percent.

A separate lottery for digital Onnuri users will hand out 1.7 billion won ($1.29 million) in total prizes to 5,600 people. The program runs from Oct. 15 to Nov. 15 and issues one entry for every 30,000 won ($23) in cumulative spending, capped at 10 entries per person. Entries from outside the Seoul area count double, and the top prize is 30 million won ($22,683).

Nine credit card companies, including KB Kookmin, Shinhan and Samsung, will offer bill discounts, cashback and prize draws for spending at traditional markets and small neighborhood businesses. Eight public delivery apps will run a prize event worth 10 million won ($7,561) in total.

Twenty-five duty-free shops nationwide will cut prices on liquor and cosmetics by up to 25 percent, the main royal palaces, Jongmyo Shrine and royal tombs will open free of charge, and the National Theater will stage a free performance on Nov. 14. During a welcome week from Oct. 30 to Nov. 15, portable Wi-Fi will be 25 percent cheaper and airport railroad express train tickets will be 2,000 won off.

The opening ceremony will be held on Oct. 31 in Andong, North Gyeongsang Province, with a live-commerce broadcast and a K-pop concert, and nearby shopping districts will run their own discounts and events. Singers Song Ga-in and Daniel Lindemann will serve as promotional models.

The Ministry of Economy and Finance said it plans to keep using the festival to support domestic demand and to develop it into a global event that foreign visitors can join.