Sold Out 15 Billion KRW of Gwangjin Sarang Gift Certificates in Just 44 Days Since Issuance

Eighth Sold-Out Among Seoul Districts... 7.5 Billion Won Used, 50% of Issued Amount... Playing a Key Role in Revitalizing Local Markets

[Asia Economy Reporter Jongil Park] Gwangjin-gu (Mayor Kim Seongap) has completed the sale of the ‘Gwangjin Love Gift Certificate’ issued to support small business owners struggling due to COVID-19.

To revive the weakened consumer sentiment, the district issued Gwangjin Love Gift Certificates worth a total of 15 billion KRW ahead of the Lunar New Year on February 3rd. Thanks to the enthusiastic response from small business owners and residents, the certificates sold out early within 44 days of launch.

In particular, on the day of issuance, sales exceeded 6.1 billion KRW, and when the total sales amount is converted to daily sales, an average of approximately 340 million KRW was sold per day.

Additionally, during the sales period, the total payment amount using the gift certificates reached about 7.5 billion KRW, with 50% of the issued amount used, providing tangible support to the sales of small business franchise stores going through difficult times.

The Gwangjin Love Gift Certificate reduces the economic burden on residents through discounted prices and income deduction benefits, while also offering zero-pay franchise stores reduced payment fees and increased sales, playing a significant role in revitalizing the local economy.

Currently, there are about 9,500 zero-pay franchise stores in Gwangjin-gu, including marts, academies, and cafes. Since the first issuance of the Gwangjin Love Gift Certificate in April last year, the number of zero-pay franchise stores has increased by about 4,400, showing a steady rise in both the number of stores and consumer usage rates.

Mayor Kim Seongap stated, “The Gwangjin Love Gift Certificate is a beneficial product that revitalizes the local commercial district weakened by COVID-19 and allows both small business owners and residents to enjoy benefits. We will inject vitality into the local commercial district by issuing an additional 15 billion KRW worth of Gwangjin Love Gift Certificates in the second half of this year.”

The district plans to issue a total of 30 billion KRW worth of Gwangjin Love Gift Certificates in the first and second halves of this year, expanding from 23.5 billion KRW last year to 6.5 billion KRW this year, to activate alleyway commercial districts and continuously promote consumption.

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