Ahead of the Lunar New Year, the Korean government has launched a policy initiative to stabilize consumer prices and invigorate local markets. The ‘Lunar New Year Livelihood Stabilization Measures’ were announced on January 28 and are now being actively implemented. This policy aims to address rising costs of essential holiday goods and provide financial support to small businesses and traditional market vendors. The initiative is coordinated by the Ministry of Economy and Finance, with participation from the Ministry of SMEs and Startups, the Ministry of Agriculture, Food and Rural Affairs, and the Ministry of Oceans and Fisheries.
The measures directly impact consumers, small business owners, and traditional market vendors across South Korea. Specifically, the government is increasing the supply of 16 essential holiday goods to 270,000 tons, which is 1.5 times the usual amount. A record budget of 91 billion KRW is allocated for discounts on agricultural, livestock, and fishery products, as well as for Onnuri gift certificate subsidies. The Onnuri gift certificate discount rate has been raised from 7% to 10% for digital certificates, encouraging consumers to shop at traditional markets and support local economies.
Implementation of these policies is ongoing, with market visits and monitoring by senior officials such as Deputy Prime Minister Koo Yoon-cheol. From February 10 to 14, a joint Onnuri gift certificate refund event will be held at traditional markets, featuring integrated booths and a pilot mobile queue system for convenience. The number of markets participating in fishery product refunds has increased by over 60% to 200, and the issuance of fishery product gift certificates has doubled to 10 billion KRW. Additional support includes 5 billion KRW in low-interest loans for market vendors and 39.3 trillion KRW in new funding for small businesses and SMEs.
Frequently asked questions include: What is the purpose of the expanded supply and discounts? The goal is to mitigate price increases and reduce the financial burden on consumers during the holiday. How can consumers benefit from Onnuri gift certificate events? By participating in refund and discount programs at traditional markets, consumers can save money and support local vendors. What safety measures are in place for market events? Authorities have emphasized strict safety management during all refund and discount activities.
The Korean government’s policy for the Lunar New Year is notable for its scale and multi-agency coordination. By increasing the supply of essential goods and raising the Onnuri gift certificate discount rate, the measures directly address consumer price concerns and support traditional market vendors. The allocation of record funding and the introduction of digital and safety enhancements reflect a comprehensive approach to both immediate and structural challenges. These efforts are expected to ease financial burdens for families and strengthen local economies during a critical holiday period.