Early Sell-Out Due to Consumer Popularity
Plan to Issue Additional 1 Billion for February
Goseong Love Gift Certificates (hereinafter referred to as gift certificates), issued by Goseong County in Gyeongnam, will be issued in the amount of 29 billion KRW this year, the highest among counties in Gyeongsangnam-do, and will receive 1.4 billion KRW in national subsidies.
The Goseong Love Gift Certificates, which provide practical help to not only small business owners but also local residents by promoting domestic consumption, secured 1.4 billion KRW in national funds and 1.5 billion KRW in county funds this year, enabling stable supply with a 10% discount rate again this year.
In February, coinciding with the Lunar New Year holiday, Goseong County temporarily expanded the personal purchase limit from the existing 700,000 KRW to 1,000,000 KRW for one month to stimulate consumption. As a result, consumer response was favorable, and the paper gift certificates for February, initially set at 1.3 billion KRW in sales, were sold out within just four days of launch.
Since sufficient national funds have been secured, the county plans to issue an additional 1 billion KRW in paper gift certificates in February.
The popularity of the gift certificates is mainly due to the active recruitment of affiliated stores, with about 2,300 locations registered as affiliates. This means that consumers can easily use the gift certificates not only in traditional markets but also at small businesses.
In addition, following the paper-type gift certificates, the county quickly introduced three types?mobile-based Zero Pay and card-type gift certificates?compared to other local governments, establishing a foundation that allows even younger generations to use them widely.
In particular, the county is promoting various policies to encourage consumption through the use of gift certificates for △awards for public institutions and company employees, ▲gift certificate events, and ▲supply of welfare points for public officials.
County Governor Sang-geun Lee said, “The Goseong Love Gift Certificates are policies that directly benefit the residents. Having secured 1.4 billion KRW in national funds and 1.5 billion KRW in county funds this year, we will issue 29 billion KRW, the highest among counties in the province,” adding, “We will continue to actively develop policies to help increase sales in traditional markets and for small business owners.”
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