South Korea’s leading businesses said Wednesday they will make early payments to their subcontractors for the Chuseok holidays next month. This is not a rare move but is of note this year because of a serious decline in domestic consumption.

The country’s top conglomerate, Samsung Group, said it will pay 1.8 trillion won ($1.77 billion) to its suppliers earlier than scheduled, with 18 of its affiliates, including Samsung Electronics and Samsung SDI, joining the move.

Chuseok falls on Sept. 8 this year. The three-day holiday follows a weekend, extending one of the two most celebrated holidays in South Korea to five days this year.

Millions of people travel to their hometowns for Chuseok with gifts for family members and relatives, creating a peak season for retailers. (Yonhap)