Hwanggeumnyeok Donghaeng Festival Generates Approximately 900 Billion KRW in Sales Within Half a Month

Lee Young, Minister of SMEs and Startups, is announcing the 2023 Hwanggeumnyeok Donghaeng Festival promotion plan at the Government Seoul Office Annex. [Image source=Yonhap News]

The 'Hwanggeumnyeok Donghaeng Festival,' the largest discount and promotional event for small and medium-sized enterprises (SMEs) and small business owners in Korea, has generated approximately 900 billion KRW in sales within just half a month.

The Ministry of SMEs and Startups announced on the 17th that the 'Hwanggeumnyeok Donghaeng Festival,' held from the 30th of last month until the 27th of this month, achieved total sales of 893.6 billion KRW through online and offline channels as of the 14th. Minister Lee Young stated before the event that the sales target for this festival was set at 1.2 trillion KRW.

In terms of sales performance, 341.8 billion KRW was generated through online channels such as TV home shopping, online-to-offline (O2O) platforms, and policy stores both online and offline. Sales from Onnuri gift certificates amounted to 208.9 billion KRW. Regional love gift certificates recorded sales of 342.9 billion KRW, which appears to have helped increase sales for small business owners and traditional markets.

The Hwanggeumnyeok Donghaeng Festival, currently underway for the second time following its launch in May, is a large-scale domestic promotional event supporting the market expansion of products from approximately 24,000 SMEs and small business owners. During a TV home shopping broadcast on August 31, seasonal domestic squid purchased before August was sold, generating sales of 87 million KRW. On the 1st, through the 'Visiting Live Commerce (Timon),' sales of Daegu specialty flat dumplings and tteokbokki earned 88 million KRW in revenue.

Won Young-jun, Director of the Small Business Policy Office at the Ministry of SMEs and Startups, said, “We thank all citizens for joining us in revitalizing our economy’s spirit. We ask for your continued interest and support for the Hwanggeumnyeok Donghaeng Festival until the very end.”

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