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Will temporary holiday boost domestic consumption?

임시공휴일 지정에 따른 국내관광 경제적 효과 Shifting gears. In an attempt to boost domestic consumption, the government has designated today as a temporary holiday. Our Ahn Sung-jin looks at the backstory of how this will lead to increased economic activity nationwide. "As you can see, Seoul Station, a major hub for travelers in the country, is bustling with people enjoying their extra day off as the 6-day holiday heads towards the end." The government designating October 2nd as a temporary holiday, provided people with six days off from September 28th to October 3rd, starting from the Chuseok holiday and lasting until National Foundation Day. The government made the decision with expectations that this so-called "golden vacation" would generate economic activity, boosting the country's tourism and domestic consumption through rising demand and increased market revenue. "I extended my plan to stay at my parents’ house so I could travel a bit more and eat out with them." "Without the temporary holiday, going on a trip with my family would have been difficult. The cost of train tickets and for accommodation will increase, but at least I have time off to travel." According to a travel agency, reservations for domestic travel jumped more than 13-fold compared to bookings for the Chuseok holiday last year. This was specifically boosted when the government announced the designation of the temporary holiday, with reservations increasing by 64% within a week of the announcement. "Economic growth is possible not only through production but also when consumption occurs in tandem so it seems that the government believes that this temporary public holiday will promote greater consumption than on other days since it is in the middle of the holiday, leading more people to spend." However, international flights have also peaked by nearly 900 percent compared to last year, exceeding the reservation rate of the pre-COVID holiday in 2019 by 90 percent. Professor Jeong added that it is important to promote domestic tourism to stimulate internal consumption. "I think we should try to create more diverse tourism content such as local events within Korea for holidays like Chuseok so we can show that it’s worth, and as-exciting, to travel domestically." The government is hoping that the designation of this temporary holiday will boost domestic tourism and increase economic revenue. Ahn Sung-jin, Arirang News. #temporary_holiday #domestic_consumption #economy #economic_activity #domestic_travel #Economic_growth #SouthKorea #tourism #임시공휴일 #경제 #국내관광 #Arirang_News #아리랑뉴스 📣 Facebook :   / arirangtvnews   📣 Twitter :   / arirangtvnews   📣 Homepage : https://arirang.com/ 2023-10-02, 12:00 (KST)