Jeonnam Province's Preemptive Issuance of Local Gift Certificates Shows Significant Impact

Sales Reach 222.2 Billion KRW This Year
Sales Volume Up 1.3 Times Compared to Last Year
Additional Issuance Planned by Cities and Counties
After 350 Billion KRW Issued Amount Is Exhausted

Sales of local love gift certificates in Jeollanam-do have increased by 1.3 times compared to last year as of this year. The photo shows the Hwasun Love Card. Provided by Jeonnam Province.

Jeollanam-do announced that as of the 20th, sales of local gift certificates reached 222.2 billion KRW, marking a 1.3-fold increase compared to the same period last year.

According to Jeollanam-do on the 21st, the sales of local gift certificates in January and February last year amounted to 174.3 billion KRW. This year, as of the 20th, 222.2 billion KRW worth has been sold. This is interpreted as a result of Jeollanam-do's proactive consumption promotion policies aimed at revitalizing the local economy.

Despite weakened consumer sentiment due to internal and external factors, Jeollanam-do has worked in cooperation with cities and counties to preemptively issue 350 billion KRW worth of local gift certificates since January. The province has implemented practical economic revitalization policies, such as maintaining a discount rate of 10% or higher. Once the preemptively issued 350 billion KRW is exhausted, cities and counties plan to issue an additional 518.5 billion KRW.

Kim Yungrok, Governor of Jeollanam-do, said, "In these difficult times for local small businesses, local gift certificates are playing a significant role in stimulating consumption and revitalizing commercial districts. We hope the central government will soon decide on national funding support to further aid the recovery of the local economy."