Sokcho Love Gift Certificate Firmly Established as Local Currency
City Selected as Outstanding Local Government for Local Gift Certificates
All 28.7 Billion Won Issued Used Up... 520 Million Won in Incentives Secured
The Sokcho Love Gift Certificate, issued by Sokcho City in Gangwon Province, is firmly establishing itself as a local currency, with the number of subscribers rapidly increasing and the issuance amount being exhausted earlier than expected.
As of December, the number of subscribers to the Sokcho Love Gift Certificate stands at 61,183, an increase of 31,699 compared to last year's 29,484.
Compared to the first year of issuance in 2023, which had 17,727 subscribers, the number has increased by 43,456.
The number of affiliated stores has also grown to 4,202, up by 1,617 from last year's 2,585 and by 2,279 from 1,923 in 2023.
The operation of a supporters program in partnership with the Korea Minting and Security Printing Corporation last June contributed significantly to the expansion of affiliated stores.
With the increase in both users and affiliated stores, the entire issuance amount of 2.87 billion won was used up by December this year, further solidifying its status as a local currency.
Recognizing these achievements, Sokcho City was selected twice by the government as an outstanding local government in issuing local gift certificates, securing a total of 520 million won in financial incentives.
The popularity of the Sokcho Love Gift Certificate is attributed to the expansion of affiliated stores, increased discount rates and holding limits, cashback accumulation, and enhanced user convenience, reflecting the effectiveness of ongoing efforts.
In April, the city raised the monthly purchase limit from 300,000 won to 500,000 won, and for months with holidays or Family Month, the limit was increased to 700,000 won.
In September, even in months without holidays, the monthly purchase limit was set at 700,000 won, the discount rate was raised from 10% to 15%, and the holding limit was increased from 1.5 million won to 2 million won. In October, which included Chuseok, the monthly purchase limit was increased from 700,000 won to 1 million won, and the discount rate was raised from 15% to 20% as part of a special event.
Additionally, this month, to sustain the recovery in domestic demand, an event was held during the government-led Korea Grand Festival, allowing users to receive 5% cashback on payments made with the Sokcho Love Gift Certificate.
As a result of these various policies and events, usage of the Sokcho Love Gift Certificate has increased, and Sokcho City was selected by the government as an outstanding local government in sales performance of local gift certificates, receiving 270 million won in national funding.
Accordingly, Sokcho City is currently running an additional event where users receive 5% cashback on payments made with the Sokcho Love Gift Certificate.
Furthermore, this month, Sokcho City was once again selected as an outstanding local government, securing an additional 250 million won in special government grants.
Previously, in January 2023, Sokcho City introduced the Sokcho Love Gift Certificate to stimulate local consumption, prevent capital outflow, boost small business income, and revitalize the local commercial district.
The Sokcho Love Gift Certificate can be purchased through the mobile app 'Local Gift Certificate chak.' Immediate card issuance is also available at NongHyup, Woori Bank, credit unions, Saemaul Geumgo, and post offices, and the certificate can be used at 4,202 affiliated stores within Sokcho City.
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