Issuance of Seongdong Love Gift Certificates Worth 18 Billion for Lunar New Year

Issuance of Seongdong Love Gift Certificates Worth 18 Billion Won Starting at 2 PM on the 18th for Lunar New Year

Issued at a 7% Discount, Reducing Residents' Household Burden and Offering Fee Waivers to Small Business Owners

[Asia Economy Reporter Park Jong-il] Seongdong-gu (Mayor Jung Won-oh) will issue Seongdong Love Gift Certificates worth 18 billion won starting at 2 PM on the 18th in celebration of the traditional Lunar New Year.

The district has continuously promoted the issuance of Seongdong Love Gift Certificates to overcome the consumption slump caused by prolonged COVID-19 economic downturn and soaring inflation.

This year as well, to mark the major traditional holiday of Lunar New Year, the district plans to sell gift certificates worth 18 billion won starting at 2 PM on the 18th at a 7% discounted price, making it the second largest scale in all of Seoul.

Due to strong interest from residents, all gift certificates worth 47.7 billion won issued last year were sold out. Notably, the last batch of gift certificates worth 10 billion won issued last November sold out within just 14 minutes on the day of sale.

Purchasing gift certificates is possible up to 700,000 won per person per month through five apps: Seoul Pay, Shinhan Play, Shinhan Sol, T-money Pay, and Money Tree. They can be conveniently used for payment via smartphone at any Seongdong gift certificate affiliated store in the area, and users can also receive a year-end tax deduction benefit of 30% of the amount spent.

Since their steady issuance starting in 2020, Seongdong Love Gift Certificates have significantly contributed to revitalizing the local economy by easing household burdens for residents, waiving payment fees for small business owners, and preventing the outflow of local funds.

Jung Won-oh, Mayor of Seongdong-gu, said, “I hope that the issuance of Seongdong Love Gift Certificates for Lunar New Year will provide some support to both small business owners and residents and make the holiday season more prosperous.”