The Korea Sale Festa, the third of its kind, runs from Sept. 28 through Oct. 31 and comes as South Korea's retail industry is struggling from a sharp drop in the number of Chinese tourists amid Beijing's economic sanctions over Seoul's deployment of a US anti-missile system here.
Chinese accounted for about half of the 17 million foreign visitors last year, but the number of visitors from the neighboring country plunged nearly 70 percent in July, marking the fifth straight month of decline
The government, which supports the festival hopes it will boost consumption by shoppers from home and abroad.
|LG OLED television (Yonhap)|
LG Electronics Inc. said it will sell its 55-inch OLED television OLEDB7F model for 2.79 million won ($2,461) during the festival while offering up to 1.7 million won off other OLED television models.
"We are selling a 65-inch OLED television for 6 million won during the festival, although the original price tag is 7.7 million won," an LG official said. "The 2.79 million-won 55-inch special offer is the lowest price among our OLED television products."
LG will also provide a variety of discounts, cash rebates and gift vouchers for those who purchase washers, air purifiers and other home appliances during the festival.
Samsung Electronics Co. said it will also join the festival with a variety of discounts on televisions, refrigerators, washers, air conditioners and several other products, adding it will soon announce the range of the discount rates.
Samsung said it will provide promotional goods to some select buyers who buy more than two of the company's products during the sale festival.
Dayou Winia Co. said it will provide up to 52 percent discounts for refrigerators, washers, rice cookers and scores of other products.
Lotte and Hyundai department stores have also said they will offer up to 80 percent discounts on some items during the festival. (Yonhap)