Small Business Product Promotion Event 'Donghaeng Festival'... Achieved 4 Trillion KRW Sales Last Year

An information board announcing the event has been installed at Tongin Market in Jongno-gu, Seoul, where the '7-Day Companion Festival,' a consumption promotion event for small and medium-sized enterprises and small business owners, began on the 1st. Photo by Kim Hyun-min kimhyun81@

The Ministry of SMEs and Startups achieved approximately 4 trillion KRW in sales through three 'Donghaeng Festivals' last year.

On the 9th, the Ministry announced that the final sales of the last Donghaeng Festival of last year, the 'Snowflake Donghaeng Festival,' recorded 1.0856 trillion KRW. Through the three Donghaeng Festivals last year, a total of 3.9925 trillion KRW in sales was achieved. The Donghaeng Festival is the largest domestic discount event organized by the Ministry to promote consumption of products from small business owners and SMEs.

This exceeded the original 2023 sales target of 3 trillion KRW by 133.1%, and the sales reached 99.8% of the upwardly revised December target of 4 trillion KRW, according to a Ministry official.

Detailed sales included direct and indirect sales of 729.1 billion KRW through online channels such as TV home shopping, O2O platforms, and policy stores, and 241.9 billion KRW through Onnuri gift certificates. Regional love gift certificates linked to the December Donghaeng Festival also sold 114.6 billion KRW, helping to expand sales for small business owners and traditional markets.

During the Snowflake Donghaeng Festival, 16 private online platform companies including 11st, participating companies of the Donghaeng Festival, regional Small and Medium Venture Business Offices, related agencies of the Ministry, and associations participated in social contribution activities such as donating part of their profits to underprivileged groups.

Interest was also high in the public participation challenges and events held alongside the Donghaeng Festival. The '1 Superconductor Challenge,' created by combining the social media challenge 'Superconductor Dance Challenge' with the Donghaeng Festival, recorded a cumulative 3.6 million video views. In addition, various events such as supporting local warmth-sharing stores, blood donation certification, shopping basket and attendance check events attracted attention to the Donghaeng Festival.

Won Young-jun, Director of the Small Business Policy Office at the Ministry of SMEs and Startups, said, “We sincerely thank everyone who worked together to successfully complete last year’s Donghaeng Festival,” and added, “This year as well, we will strive to ensure that the Donghaeng Festival can contribute even a little to the economic recovery of small and medium enterprises, small business owners, and traditional markets.”

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