The government is planning another large discount event among retailers following the Lunar New Year holiday (February 8) to stimulate the domestic economy, after a similar promotion was held successfully in October 2015. (Image : Yonhap)
SEOUL, Jan.14 (Korea Bizwire) – The government is planning another large discount event among retailers following the Lunar New Year holiday (February 8) to stimulate the domestic economy, after a similar promotion was held successfully in October 2015.
According to industry reports, government authorities, core distributors such as department stores and large discount stores, manufacturing associations such as the Korea Electronics Association, Korean Apparel Industry Association, Fashion Industry Association and Korean Cosmetic Association, and the Korea Chamber of Commerce and Industry will hold a preliminary meeting to launch the task force that will be responsible for executing the event.
Plans on how to execute the event and measures to improve the domestic economy and revitalize consumption are the main issues that will be discussed at the meeting.
The government hosted Korean Black Friday, a nation-wide sales event, from October 1 to October 14 last year.
At first the event was criticized for ‘useless discounts’, and being ‘poorly prepared’. However, the event resulted in positive economic benefits, encouraging the government to decide to make Korean Black Friday an annual event.
By M.H.Lee (mhlee@koreabizwire.com)
