The government is reviewing a plan to designate January 27 or January 31 as a temporary public holiday to extend this year’s Lunar New Year break.
If approved, the decision could create a six-day holiday period from January 25 to 30 or an extended break from January 28 to February 2.
The move aims to boost consumer spending, which has declined sharply following the December 3 martial law incident and ongoing economic uncertainty.
According to the Bank of Korea, the Consumer Confidence Index (CCSI) in December dropped to 88.4, marking a significant 12.3-point decline from the previous month.
This was the largest monthly drop since March 2020, when the COVID-19 pandemic first impacted the economy. Analysts attribute the slump to increased political instability and weakening consumer sentiment.
The government previously explored using public holidays to stimulate domestic demand, as outlined in last year’s Dynamic Economy Roadmap.
The plan includes expanding alternative holidays and introducing a weekday holiday system, which would designate Mondays as holidays when national holidays fall on weekends.
However, the Ministry of Strategy and Finance stated that while various holiday-related measures are under consideration for the 2025 Lunar New Year, no final decisions have been made.
