Changwon Local Currency 'Nubijeon' Thriving... 124,000 Users

Usage of Changwon Sarang Gift Certificates: 868,000 KRW Purchased per Person, 83.9% Spent at Traditional Markets

Changwon City announced the "Big Data Analysis Results on the Usage Status of Nubijeon" to mark the 1st anniversary of the local currency 'Nubijeon'. (Photo by Changwon City)

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Choi Hyun-joo] Changwon City in Gyeongnam announced the "Big Data Analysis Results on the Usage Status of Nubi-jeon" to mark the 1st anniversary of the issuance of the local currency Nubi-jeon.

According to Changwon City, a total of 110 billion KRW worth of Nubi-jeon was issued, with 108.1 billion KRW sold. Of that, 81.9 billion KRW was used, resulting in a spending rate of 75.8%.

The number of people who purchased Nubi-jeon is 124,533, about 12% of Changwon City's population, with an average purchase amount of 868,000 KRW per person. The number of transactions was 434,175, with an average spending amount of 153,000 KRW per transaction. By age group, those in their 40s to 60s accounted for 61% of the total, proving that this is the main economically active age group in the region.

By industry, it was found that 68.7 billion KRW, or 83.9% of the total spending, was consumed in sectors representing traditional markets and neighborhood businesses, followed by wholesale and retail trade at 59.7 billion KRW (72.9%) and restaurants at 9 billion KRW (11%).

Heo Seong-mu, mayor of Changwon City, said, "In the difficult situation of the local economy due to COVID-19, we will ensure that Nubi-jeon grows into a strong support for small business owners in traditional markets and neighborhood businesses, becoming a stepping stone for revitalizing the local economy."

This content was produced with the assistance of AI translation services.