Local online events set to rival Black Friday

Korean online retailers are throwing big discount events this week in an attempt to lure Chinese consumers away from U.S. Black Friday deals, many of which begin on Saturday, local time.

According to the Ministry of Trade, Industry and Energy on Tuesday, 25 online markets such as Gmarket, Interpark and WeMakePrice will offer discounts of up to 80 percent from Thursday to Saturday.

It is the second promotional event planned by the government and sponsored by affiliated organizations. The first was in August.

The ministry said the upcoming sale has gotten a lot of attention from consumers in mainland China.

Cosmetics, home appliances and products related to Korean celebrities will be on sale during the event. Exact prices will be unveiled only when the sale begins.

Korea Post will take 36 percent off shipping fees for Chinese consumers who make purchases on Korean online shopping malls.

Ahead of Black Friday, the biggest retail event in the United States, Korean retailers including Hyundai Department Store started their own version of the sale last week, dubbed the K-Sale, in hopes of keeping local consumers spending in Korea. The K-Sale runs through Dec. 15.

Korean electronics manufacturers also decided to offer discounts this month to keep local consumers away from the U.S. event. Samsung Electronics will sell 60-inch and 75-inch smart TVs on online markets at discounts between 18 to 25 percent. In addition to the TVs, as many as 35 products will be discounted.

BY SONG SU-HYUN [song.suhyun@joongang.co.kr]