(Shinsegae Department Store)
South Korea will launch a nationwide shopping festival next month to boost domestic consumption amid the pandemic, the industry ministry said Friday.
The annual Korea Sale FESTA will kick off Nov. 1 for a 15-day run, both online and offline, and a total of 1,276 companies have expressed their intention to take part in the event, according to the Ministry of Trade, Industry and Energy.
The government plans to issue discount coupons and hold various events in cooperation with retailers and 17 provincial governments, the ministry said, adding it will announce details of the upcoming event next week.
"It is crucial to revive consumer sentiment as the nascent economic recovery has been dampened due to the fourth wave of the new coronavirus," First Vice Industry Minister Park Jin-kyu said.
"The government will provide support for the festival to help it serve as a catalyst for revitalizing domestic consumption," he said, vowing utmost efforts to maintain quarantine measures over the course of the two-week festival.
The upcoming festival comes as retailers have sought to improve their business, as the government prepares to introduce the "living with COVID-19" scheme, which would allow longer operation hours and larger gatherings. (Yonhap)