'Kogpe' to revive consumer sentiment? Win-Win Consumption Lottery applicants surpass 940,000

[Financial News] With the central and local governments, businesses and the broader economic community, and the public continuing to take part in the 2nd Korea Grand Festival, momentum to boost consumer spending is spreading nationwide. Traditional markets and neighborhood businesses, as well as well-known local stores and large corporations, are joining discount promotions, while consumer participation is also growing, helping the event take shape as a consumer festival jointly organized by the public and private sectors.
On the 12th, the Ministry of SMEs and Startups said Kogpe is a large-scale consumer festival that brings together discount events previously organized by individual ministries to stimulate domestic demand and promote local spending, and will run through the 15th.
Local governments and leading local stores are actively participating in the event, as momentum to boost spending spreads around local commercial districts. North Jeolla Province is holding a week focused on visits to Good Price stores and traditional markets, while South Gyeongsang Province, Wonju in Gangwon State, and Ulsan are offering their own discount coupons through local-government-run online malls and public delivery apps.
Well-known local stores are also pitching in to boost spending. Daejeon’s Sungsimdang, Busan’s Ijaemo Pizza and Samjin Fish Cake, Jeonnam-Gwangju’s Yangdong Chicken, and Incheon’s School Music, among others, have organized events offering discount coupons and prizes in conjunction with nearby commercial districts. The aim is to draw shoppers visiting these famous stores into surrounding commercial areas.
Large corporations are also joining discount promotions, adding to the excitement of the consumer festival.
Samsung Electronics and LG Electronics are offering discounts on major home appliances, while the country’s five automakers are discounting popular models. The push to boost spending, which began in traditional markets and neighborhood businesses, is now extending broadly to major consumer goods sectors such as home appliances and automobiles.
Public participation is also brisk. As of the previous day, a total of 946,938 people had entered the Win-Win Consumption Lottery event organized by the government. The lottery awards one entry to anyone who makes cumulative purchases totaling at least 30,000 won using a Digital Onnuri Gift Certificate at an affiliated offline merchant anywhere in the country, including traditional markets and shopping districts. It will run through the 15th, the closing day of Kogpe, and there will be 5,600 winners in total. Each of the 10 first-prize winners will receive 30 million won.
The momentum to boost spending is expected to continue even after Kogpe ends. The Korea Seafood Festival and Korea Seafood Festa will run through the 29th, while discounts on kimchi-making ingredients will continue through the 2nd of next month.
The MSS urged people to “visit nearby traditional markets and neighborhood commercial districts, as well as the online and offline venues of participating companies, during the remainder of the event, take advantage of discounts and join the consumer festival.”

[email protected] Kim Hyeon-cheol Reporter