The government hosts regional business district industry celebrations to restore domestic demand

The government conducted on-site visits to boost local commercial districts’ consumption, clearly stating that it will continue to promote domestic demand recovery through policies connecting celebrations, traditional markets, and small business owners’ stores.

Vice Premier and Minister of Finance and Economy Choi Kyung-hwa visited the “Go Together Celebration” (Go Together Celebration) site in the Pyeonghwa Cultural Street area of Incheon on the 24th, met with small business owners, and stated that efforts would be made to promote regional consumption and enhance domestic demand vitality. He mentioned that recent factors such as the Middle East war have led to a deteriorating business environment and explained that the government is alleviating burdens on individual and small business owners through measures like hosting the Go Together Celebration and swiftly implementing support funds for high oil prices. Turmoil in the Middle East can easily trigger international oil price hikes, increasing logistics costs and burdens, which contribute to declining profitability in domestic demand sectors.

“Go Together Celebration” (Go Together Celebration) is an event aimed at achieving actual consumption in regional commercial districts and traditional markets. Since the 11th of this month, it has been linked with celebrations in 50 regions nationwide. Its purpose is not limited to simple promotional activities but also to convert visitors into regional sales. During economic slowdowns, consumption tends to concentrate in large online circulation networks or major urban commercial districts, but the government is alleviating this trend through on-site-oriented consumption stimulation measures to expand regional economic vitality.

Vice Premier Choi inspected handicraft and clothing stores at the event site, personally purchased goods, and stated that the advantage of regional commercial districts is the ability to buy quality products at relatively reasonable prices. He also called on citizens to visit regional commercial districts and celebrations actively participate in consumption. Senior government officials personally making purchases on-site aim not only for a one-time visit but also to convey the message of integrating regional consumption into daily actions.

Li Byeong-kwan, the second official of the Small and Medium Risk Enterprises Department, who attended the event, also stated that efforts to promote consumption would continue to help small business owners regain vitality. Ultimately, this visit can be seen as the government reaffirming its approach to support shrinking domestic demand caused by high prices and external uncertainties through regional consumption. This trend is likely to continue in the future with activities linked to regional celebrations, rapid implementation of fiscal support, and practical consumer stimulation measures targeting small business owners.