Sales of 17 Trillion Won in One Week... Kosepe, a 'Spark' for Boosting Domestic Demand in Q4

Card Company Sales 17 Trillion KRW from Nov 1-7, Up 8.4% YoY
October Consumer Sentiment Index Rises 13 Points MoM... Government Says "Beyond Expectations"

On the 4th, citizens are visiting event booths in front of Seoul Station as the country's largest shopping festival, the '2020 Korea Sale Festa (Kosepe),' continues. Kosepe will be held simultaneously online and offline until the 15th. / Photo by Moon Honam munonam@

[Asia Economy Reporter Moon Chaeseok] The sales revenue of the 'Korea Sale Festa,' which the government is promoting to boost the domestic economy in the fourth quarter, reached 17 trillion won over one week. The government described the results as "beyond expectations."

On the 10th, the Ministry of Trade, Industry and Energy and the Korea Sale Festa Promotion Committee announced that card company sales from the 1st to the 7th amounted to 17 trillion won, an 8.4% increase compared to the same period last year. Sales of representative consumer goods such as automobiles (23.3%) and tires (125~340%) increased.

In fashion and apparel, the 'Korea Fashion Market Season 2,' held from the 30th of last month to the 5th, achieved sales 2.2 times higher than Season 1 in the first half of the year. Season 2 featured participation from 334 brands including Naver, Musinsa, and W Concept.

The offline sector, which saw increased sales due to the COVID-19 pandemic, continued to perform well, while online sales rebounded.

Offline sales from the three major large marts?E-Mart, Lotte Mart, and Homeplus?from the 1st to the 8th reached 519.4 billion won, a 9.3% increase compared to the same period last year. This growth rate is higher than July’s -5.5%, August’s -2.3%, and September’s 5.3%.

Offline sales from the three major department stores?Lotte, Hyundai, and Shinsegae?from the 1st to the 5th also rose by 11% year-on-year to 413.8 billion won. This marks the first time in 10 months that department store sales have turned to an upward trend.

Meanwhile, online sales from the eight major companies from the 1st to the 8th reached 1.72 trillion won, a 26.6% increase compared to last year.

The Ministry of Trade, Industry and Energy also reported achievements such as ▲ revitalization of local businesses and regional economies ▲ development of overseas sales channels ▲ and strong public response.

As a result of consumer promotion events linked to Korea Sale Festa held in 17 cities and provinces nationwide, local currency worth 271.6 billion won was issued in eight cities and provinces, an average increase of 37.4% compared to the same period last year.

Sales of Onnuri gift certificates in traditional markets also increased about fivefold to 118.9 billion won from the 1st to the 7th compared to last year.

Zero Pay payments by small and medium-sized enterprises and small business owners amounted to 35.8 billion won from the 1st to the 8th, a 15.1% increase compared to two weeks before the event.

The K-Quarantine and K-Beauty Korea Excellent Products Exhibition linked to Korea Sale Festa also drew a positive response. As of the 6th, 1,056 companies conducted export consultations worth 90.29 million dollars.

Additionally, taking advantage of the 2030 Busan International Fisheries Expo, the first-ever 'Online Video Overseas Buyer Trade Consultation' was held this year, with participation from 160 overseas buyer companies, a 70% increase from last year. A total of 946 trade consultations were conducted.

Furthermore, over 900 participants including consumers, public institutions, and influencers took part in the Korea Sale Festa support campaign ‘Thumbs Up Challenge’ by the 9th.

A government official stated, "Reflecting the revision of social distancing levels on the 7th, we will do our best to ensure a balance between quarantine measures and the economy during the remaining Korea Sale Festa period."

The government plans to announce the results together with the private promotion committee once the Korea Sale Festa event concludes on the 15th and the outcomes are compiled.

This content was produced with the assistance of AI translation services.