The Economic Impact When Weekends and Mondays Combine: A Staggering 2 Trillion Won Per Day
A recent government-commissioned study proposed setting public holidays by weekday rather than by specific date,
and found that this approach could generate a consumption effect of about 2 trillion won per day.
The study was conducted by the Korean Association for Public Personnel Administration from December of last year to April of this year,
as part of the Ministry of Economy and Finance's initiative to improve the holiday system.
Currently, most public holidays in Korea are set by date, such as "May 5th, Children's Day."
However, if public holidays are set based on specific weekdays,
the study found that long weekends would occur more frequently, leading to increased travel and dining out, which would boost consumption and revitalize local economies.
The 'Weekday-Based Holiday' Model in the US and Japan
This study particularly referenced the public holiday systems of the United States and Japan.
In the United States, the Monday Holiday Law moved major public holidays to Mondays,
while Japan operates a similar system under the name Happy Monday System, designating several holidays to fall on Mondays.
This approach naturally creates "three-day weekends,"
and the resulting increase in demand for travel, accommodation, and dining out is seen as a key driver of domestic economic activity.
What Changes If Public Holidays Move to Monday?
According to the study, if Monday becomes an additional public holiday,
national consumer spending would increase by about 2.1 trillion won,
the resulting production inducement effect would reach 3.8 trillion won,
and value-added creation would amount to 1.7 trillion won.
Notably, the lodging and restaurant industries would account for more than 40% of the total effect.
In other words, this could have a direct impact on the tourism industry and local economies.
Which Public Holidays Could Be Shifted to Monday?
The study identified Children's Day, Memorial Day, and Hangeul Day as suitable candidates for the weekday-based system.
These holidays have relatively low historical symbolism tied to their specific dates,
and are therefore less likely to face strong resistance to changing the day of the week.
If all three holidays were moved to Mondays,
annual consumption could increase by about 6.3 trillion won,
the production inducement effect could reach 11.3 trillion won,
and value-added could amount to 5 trillion won, according to projections.
Personal Spending Also Tends to Increase When Monday Is a Holiday
The study also analyzed credit card transaction data.
It found that when Monday is a public holiday, individual spending tends to increase by an average of about 10%.
Regular and predictable long weekends make it easier for people to plan leisure activities,
which in turn naturally leads to increased consumption.
Moreover, this is not just about economic effects.
For workers, it means an improved quality of life,
while for companies, it can reduce the cost burden associated with employees taking annual leave.
They Even Came Up with Names: "Monday Holiday System," "Work-Life Balance Monday," and More
The study also discussed what to call the weekday-based public holiday system.
The research team suggested branded names that people could perceive more positively.
For example, names such as "Monday Holiday System," "Work-Life Balance Monday," "Refresh Monday," and "Family Monday" were mentioned.
Just hearing the names makes you want to take a break already.
Policy Implementation Still Uncertain... Discussions on Hold Due to Political Factors
In fact, in July of last year, the government announced plans to consider weekday-based public holidays as part of its "Dynamic Economy Roadmap."
However, subsequent events such as the declaration of martial law and a change in administration, along with other political issues,
have effectively put these discussions on hold.
The Ministry of Economy and Finance stated that it will share the research findings with relevant agencies, such as the Ministry of Personnel Management,
and will review the possibility of pursuing the policy in the future.
While implementation is not imminent, there is a strong possibility that the policy could re-emerge as an agenda item.
In Summary...
The proposal to "make Monday a public holiday" is not just about expanding leisure time,
It's a policy that could simultaneously boost the economy, improve work-life balance, and promote regional tourism.
It may seem like just a change to a single public holiday, but its ripple effects could be far greater than expected.
Now, it may all come down to the government's will and ability to act.
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Edit Maeng Jiae mjiae@asiae.co.kr
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Reporter Kim Eunha galaxy656574@asiae.co.kr
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