Gwangmyeong Residents Show Unique Attachment to Local Currency... 53% of Consumption Coupons Distributed as Gwangmyeong Sarang Hwape

Twice the Provincial Average at 22%... 7,785 Affiliated Merchants
Diverse Incentives Lead 94% of Residents to Use Local Currency

As the government’s distribution of livelihood recovery consumption coupons gains momentum, local residents in Gwangmyeong, Gyeonggi Province, have shown a particularly strong attachment to the city’s local currency, “Gwangmyeong Sarang Hwape.” More than half of the citizens who received the consumption coupons chose to receive them in the form of local currency.

According to Gwangmyeong City on July 25, an analysis of applications for the livelihood recovery consumption coupons, which began on July 21, showed that 53% of the support funds were distributed as the local currency “Gwangmyeong Sarang Hwape.” As of 6:00 p.m. on July 23, the total amount of consumption coupons distributed in Gwangmyeong was approximately 19.063 billion won, of which 10.073 billion won was provided in local currency.

Park Seungwon, mayor of Gwangmyeong, is purchasing goods with local currency at the traditional market 'Gwangmyeong Traditional Market.' The application rate for local currency distribution under Gwangmyeong City's livelihood recovery consumption coupon program has reached 53%. Provided by Gwangmyeong City

This proportion is the highest among the 31 cities and counties in Gyeonggi Province. It is 2.4 times higher than the province-wide rate, where, during the same period, 196.543 billion won out of a total of approximately 905.01 billion won was distributed as local currency, representing an application rate of 22%.

Analysts attribute the high proportion of local currency usage to the large number of affiliated merchants and the city’s policy incentives working together.

The number of affiliated merchants for “Gwangmyeong Sarang Hwape” stands at 7,785. Although the city’s total area is only 38.5 km²?making it the fourth smallest among cities and counties in the province?the high number of affiliated merchants ensures excellent accessibility and a convenient usage environment for citizens.

As a result, among the total population of 286,351, the cumulative number of local currency users reached 271,967 as of July 20, accounting for 94.9%. The presence of “Gwangmyeong Traditional Market,” which ranks seventh nationwide and third in Gyeonggi Province in terms of size, also plays a significant role. The large traditional market is located adjacent to a subway station, making it easy for residents to use the local currency.

The city’s policies to promote local currency usage are also a key factor. Earlier this year in January, Gwangmyeong City provided all citizens with a 100,000 won livelihood stabilization grant in the form of local currency. This grant not only revitalized the local economy but also increased the usage rate of local currency, achieving a dual effect.

In addition, the city continues to maintain a relatively high 10% local currency recharge incentive compared to other municipalities, and has more than doubled the incentive purchase limit from 300,000 won to 700,000 won. Notably, the city plans to expand its issuance target this year from 120 billion won at the beginning of the year to 500 billion won, more than a fourfold increase.

The local currency of Gwangmyeong City, "Gwangmyeong Sarang Currency." With an infrastructure of nearly 8,000 affiliated stores and the city's policy effectiveness, citizen satisfaction with the policy reaches 85%. Provided by Gwangmyeong City

The city’s “local community assetization” project is also creating synergy with its local currency policies. This project aims to convert public assets into shared community assets and establish an economic base at the neighborhood level, ensuring that wealth generated within the region circulates locally. According to the city, local currency serves as a medium for this financial circulation.

In fact, a recent survey on municipal satisfaction conducted by Realmeter at the city’s request found that satisfaction with the “Gwangmyeong Sarang Hwape” policy reached 85.4%.

Gwangmyeong Mayor Park Seungwon stated, “The high proportion of local currency usage among consumption coupon recipients proves that Gwangmyeong Sarang Hwape has become a core payment method deeply rooted in citizens’ daily lives and the local economy. The city’s consistent efforts to revitalize the local economy, combined with the consumption coupons, will provide real momentum for livelihood recovery and the revitalization of neighborhood economies.”

Mayor Park added, “Going forward, we will continue to make the recovery of the local economy our top priority and steadfastly pursue the establishment of a sustainable local economic ecosystem centered on Gwangmyeong Sarang Hwape.”