Annual Publication Target 60% Amount Issued on the 14th
"Absence of Central Government Role, Concentration of Autonomous District Administrative Power"
Seongbuk-gu, Seoul (Mayor Lee Seung-ro) announced on the 7th that it will issue ‘Seongbuk Love Gift Certificates’ worth 40 billion KRW ahead of this year’s Lunar New Year holiday. This amount accounts for 60% of this year’s issuance target and is the largest issuance amount among Seoul’s autonomous districts in January. The issuance will take place at 10 a.m. on the 14th of this month.
Mayor Lee Seung-ro stated, “With the economic downturn, emergency measures, and impeachment turmoil freezing local markets, residents’ consumption has contracted and local small business owners are suffering severely. We have decided to issue the Seongbuk Love Gift Certificates early as the most effective short-term consumption stimulation policy to revive local markets.”
Seol Holiday Seongbuk Love Gift Certificate 40 Billion Issuance Announcement Poster. Provided by Seongbuk-gu.
By combining a 5% discount issuance with a 5% payback event, users can enjoy a total discount effect of 10%. The payback event will continue until the budget is exhausted.
Purchasing and using the Seongbuk Love Gift Certificates is possible through the ‘Seoul Pay+’ app. Individuals can purchase up to 500,000 KRW per month, with a holding limit of 1.5 million KRW, and the certificates can be used at affiliated stores within Seongbuk-gu.
Mayor Lee Seung-ro said, “Many merchants and residents I meet on site complain that life is very tough, but due to the ongoing lack of central government support, the district urgently formed a special task force for resident livelihood stabilization last December and is focusing administrative efforts to protect the daily lives of Seongbuk residents and support them by revitalizing the local economy.”
Meanwhile, the district has issued approximately 250 billion KRW worth of Seongbuk Love Gift Certificates from 2020 to 2024. During the resurgence of COVID-19 in 2020, a customized ‘Jangseokwol (Jangwi·Seokgwan·Wolgok) Gift Certificate’ was urgently issued, achieving significant success in revitalizing the devastated local market.
The total usage rate of the Seongbuk Love Gift Certificates issued so far reaches 93%, and the district estimates that about 240 billion KRW has circulated within the local area, helping to revive local markets. Although the discount rate was reduced from 10% to 5% due to government budget cuts, the introduction of the payback event since last year has significantly increased both sales and usage rates.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
