The government said Thursday that it will lend support to this year's K-Sale Day retail event that aims to fuel consumer spending critical for maintaining the country's growth momentum.

In a gathering in Seoul, the Ministry of Trade, Industry and Energy signed an agreement with seven local retail organizations, including the Federation of Distribution Industry, pledging support to the 26 day-long shopping season.

The event, which will kick off on Nov. 20 and runs through Dec. 15, has been arranged as a follow-up to the Korea Grand Sale and Korea Black Friday event that saw local retailers posting sharp sales increase.

Rise in sales helped to push up the country's GDP growth to a five-year high of 1.2 percent in the third quarter, with industrial output advancing 2.4 percent on-month in September.

The federation said that the goal of the K-Sale Day is to give more benefits to consumers by offering greater discounts and more choices in the selection of goods that can be purchased.

It said both large and smaller-sized retailers will take part in the promotional event, along with big manufacturers like Samsung Electronics Co. and LG Electronics Inc.

Organizers said all three of the country's large retail chains Lottemart, E-mart and Homeplus will offer discounts along with stores operated by the National Agricultural Cooperative Federation. Some large supermarkets GS Retails and Lotte Super will take part, as well as electronics appliance retailers Hi-mart and ET Land.

"The success of K-Sale Day will breathe new life into the national economy," the ministry said. It said more detailed government support measures will be announced before the start of the sales event. (Yonhap)