Government to Launch Consumption Coupons from End of This Month... Can It Catch 'Two Rabbits' of Quarantine and Consumption?

[Asia Economy Reporter Kim Eun-byeol] The government will sequentially distribute consumption coupons in sectors such as dining out, exhibitions, and tourism to more than 10 million people starting at the end of this month. This is intended to lay the groundwork for reviving consumer sentiment, which plummets each time the novel coronavirus infection (COVID-19) spreads.

According to the Ministry of Economy and Finance and the Ministry of Culture, Sports and Tourism on the 18th, the government is finalizing plans to activate eight major consumption coupons and other domestic demand revitalization measures starting at the end of this month.

A government official said, "The financial authorities and quarantine authorities are coordinating the timing to restart domestic demand revitalization measures in line with social distancing level 1," adding, "Currently, we are reviewing plans to activate various measures, including the eight major consumption coupons, starting at the end of this month."

Originally, the government planned to hold a relay of consumption coupons, various tourism events, and consumption campaigns starting in August. The goal was to spark a consumption boom worth about 1 trillion won in the food, lodging, and cultural industries damaged by COVID-19. However, as COVID-19 spread nationwide centered on the Seoul metropolitan area from mid-August, the consumption coupons could not properly start and were suspended.

The eight major consumption coupons refer to coupons in sectors such as lodging, tourism, performances, movies, exhibitions, sports, dining out, and agricultural and marine products.

For lodging, discounts of 30,000 to 40,000 won are applied at booking and payment, 40% off for chartered rentals, and 8,000 won per person for performances. For dining out, when paying by card five times with a minimum of 20,000 won each time, 10,000 won is refunded at the next dining establishment. Lodging and movie coupons started before the COVID-19 resurgence and were partially used before being suspended. Agricultural and marine product coupons, which allow non-face-to-face consumption, have been continuously issued even during the COVID-19 resurgence.

Considering these points, most consumption coupons for tourism, performances, exhibitions, sports, and dining out will be distributed for the first time starting at the end of this month. Taking into account the scale of previously issued coupons, the number of people who can benefit from these coupons is estimated to be at least 10 million. Various events that can boost consumption, such as the Korea Sale Festa, will also be held consecutively.

However, the government is carefully considering quarantine measures corresponding to the fact that various events or campaigns could trigger a COVID-19 resurgence. The plan is to proceed with events accompanied by quarantine measures, but to suspend them immediately if COVID-19 spreads again.

The government side explained, "To avoid missing the golden time in terms of the economy and employment, it is right to activate domestic demand revitalization measures as soon as possible, but since some of these measures could act as catalysts for COVID-19 resurgence, quarantine measures are being discussed together."

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