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Finance minister vows efforts to boost domestic consumption

Published: 02 Nov. 2025, 18:38

Finance Minister Koo Yun-cheol visits the Korea Grand Festival in Jung District, central Seoul on Nov. 2. [NEWS1]

Finance Minister Koo Yun-cheol on Sunday pledged to step up efforts to promote domestic consumption as Korea's annual nationwide shopping event is being held on the largest-ever scale, his office said.

The Korea Grand Festival, the country's equivalent of Black Friday, is taking place both online and offline nationwide from Wednesday through Sunday, with around 37,000 companies participating, according to the Ministry of Economy and Finance.

Major department store chains, discount retailers, traditional markets and convenience stores, as well as various online platforms, are offering large discounts, while the government is organizing a range of promotional events nationwide.

"Private consumption has risen at the fastest pace in years. This festival is expected to help boost the economy and support small business owners," Koo said, calling for the public's active participation in the event.

"The government will continue efforts to make sure that livelihood-related policy measures are properly implemented and make necessary improvements," he added.

Yonhap