Issuing Gift Certificates and Opening Chuseok Markets... Can We Revive Our Neighborhood's 'Economic Lifeline'?

Autonomous Districts Flooded with Local Love Gift Certificates Offering 5% Discount Next Month
Seodaemun-gu 32 Billion KRW · Gangnam-gu 30 Billion KRW, Large Scale
Yongsan-gu Special Issuance of Itaewon Market Recovery Gift Certificates "10% Discount"
Direct Trade Markets for Chuseok in Front Yards of District Offices Also Held

Seoul's autonomous districts are issuing local love gift certificates ahead of the Chuseok holiday. The photo shows the 'Dongnimmun Yeongcheon Market' before last year's Chuseok. Provided by Seodaemun-gu.

Although the intense heat has not yet fully subsided at the end of August, Seoul’s district offices have become busy preparing early for Chuseok. Prices, especially for vegetables, are fluctuating, and the chronic domestic economic downturn is further discouraging small business owners. In this atmosphere, district offices will begin issuing local love gift certificates next week, which are effective in revitalizing the local economy.

Recently, due to budget constraints and other issues, the discount rate for local love gift certificates has been reduced to 5%, and the issuance volume is also on a downward trend, but they remain very popular. From the perspective of citizens purchasing the gift certificates, they need to take advantage of the 5% discount and income deduction benefits for economical spending, and local small business owners serving residents have already confirmed the tangible benefits.

Seodaemun-gu will issue a total of 32 billion KRW worth of Seodaemun Love Gift Certificates next month, the largest scale among Seoul’s districts. On the 3rd, 8 billion KRW worth will be issued, and on the 10th, 24 billion KRW worth will be issued, with the district fully supporting the 1.2 billion KRW discount amount for the 24 billion KRW issuance from its own budget.

Gangnam-gu will also issue 30 billion KRW worth of Gangnam Love Gift Certificates in two rounds on the 3rd and 10th of next month. The first issuance (on the 3rd) of 8 billion KRW will be funded by matching budgets from the city and district, and the second issuance (on the 10th) of 22 billion KRW will be fully funded by the district’s own budget.

Yongsan-gu will specially issue 15 billion KRW worth of Itaewon Commercial District Recovery Gift Certificates on the 9th of next month to revitalize the local economy near Itaewon. Unlike other local love gift certificates, the Itaewon Commercial District Recovery Gift Certificates can be purchased at a 10% discount, with a maximum monthly purchase limit of 700,000 KRW per person. The certificates are valid for one year from the issuance date. They can only be used in certain areas within Yongsan-gu, including Yongsan 2-ga-dong, Itaewon 1 and 2-dong, Hannam-dong, Seobinggo-dong, and Bogwang-dong.

Guro-gu will issue 16 billion KRW worth of Guro Love Gift Certificates in two rounds on the 4th and 11th of next month. Similar to Seodaemun-gu, the first issuance of 8 billion KRW will be funded by matching budgets from Seoul City, and the remaining 8 billion KRW will be covered by the district’s own budget. Most other districts issue only up to 8 billion KRW, which can be matched by Seoul City.

Local love gift certificates can be purchased through the Seoul Pay Plus app up to a maximum of 500,000 KRW per person per month (actual payment amount 475,000 KRW), with a holding limit of 1.5 million KRW. They can be used at ‘Seoul Pay’ registered merchants within the district.

In the case of Gangnam-gu, instead of increasing the issuance of gift certificates, they decided to encourage active use of existing certificates by adding additional discounts. This is both a consumption promotion measure and an expansion of the discount rate. Existing holders of Gangnam Love Gift Certificates who use them between September and October will receive an additional 5% refund, effectively receiving a 10% discount.

According to Gangnam-gu, as of the end of July, the unused balance of Gangnam Love Gift Certificates purchased amounts to 33.7 billion KRW. The payback scale is up to 10 billion KRW, and the event period is from the 1st of next month until the end of October this year. The event will end once the budget is fully exhausted, so prompt participation is advised.

Some districts also hold payback events for Onnuri Gift Certificates. Gangdong-gu will refund 10,000 KRW for purchases of 50,000 KRW or more made with Onnuri Gift Certificates at traditional markets in the district from the 2nd to the 6th of next month. The six traditional markets included are Amsa, Gobundari, Gildong, Dunchon Station, Myeongil, and Seongnae. The refund costs are shared between the merchants’ associations of each market and Gangdong-gu’s support.

‘Chuseok Direct Transaction Markets’ will also be held in front of district offices and other locations. Gangseo-gu will hold a market at Magok Square on the 5th and 6th of next month, Eunpyeong-gu from the 6th to the 8th along Bulkwangcheon Stream, and Gangnam-gu on the 10th at the district office parking lot. At these markets, agricultural and specialty products from regions that have friendly and sisterhood ties with the respective districts will be sold at prices at least 10% lower than market prices.

Direct transaction markets are held in various district offices to celebrate Chuseok. The scene of the direct transaction market in Gangnam-gu during last year's Chuseok. Provided by Gangnam-gu.