Yeongdeok-gun, Local Currency Exchange Rate at 97%... Playing a Vital Role in the Local Economy
Last Year, 17.2 Billion Sales and 16.7 Billion Currency Exchange
[Asia Economy Yeongnam Reporting Headquarters, Reporter Park Dong-wook] Yeongdeok-gun, Gyeongbuk Province (Governor Lee Hee-jin) announced on the 17th that the redemption rate of the local love gift certificates, which recorded sales of 17.2 billion KRW last year, reached 97% (16.7 billion KRW), proving to be a great help to the local economy.
The Yeongdeok Local Love Gift Certificates recorded sales of 1.7 billion KRW with a redemption of 1.5 billion KRW (84%) in its first year of issuance in 2018, followed by sales of 5 billion KRW with a redemption of 4.6 billion KRW (91%) in 2019, and last year, sales of 17.2 billion KRW with a redemption of 16.7 billion KRW (97%).
This high redemption rate is expected to gain more momentum due to continuous promotion and an increase in affiliated stores. Since last year, the Yeongdeok Love Gift Card has also been launched, making it more convenient from issuance to usage, which is a point of pride for Yeongcheon City.
The Yeongdeok Love Card currently has 1,272 registered members, 789 purchasers, and 2,171 purchase transactions, enjoying great popularity since its launch.
Yeongdeok-gun plans to issue local love gift certificates worth 14 billion KRW this year, including 3.7 billion KRW in disaster basic income distributed at the beginning of the year. Along with a 10% special discount period for paper gift certificates, a 10% discount sale for card gift certificates will be held throughout the year.
A Yeongdeok-gun official emphasized, "We will continuously expand affiliated stores to make the Yeongdeok Love Gift Certificates beneficial for both self-employed business owners and users."
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Meanwhile, as of the 17th, there are 1,545 affiliated stores accepting paper gift certificates and 1,154 affiliated stores accepting card gift certificates in Yeongdeok-gun.
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