"Over Half of Small Businesses See Sales Increase with Livelihood Recovery Consumption Coupon... Customer Inflow Also Up"

55.8% of Businesses See Increased Sales
Wholesale Sector Experiences the Greatest Growth

More than half of small business owners reported experiencing increased sales as a result of the Livelihood Recovery Consumption Coupon. The number of visiting customers also rose noticeably, suggesting that the coupon has brought tangible vitality to traditional markets and local commercial districts.

Korea Federation of Micro Enterprises

On August 12, the Korea Federation of Micro Enterprises, together with the Korea Federation of Merchants, announced the results of a survey on the effectiveness of the Livelihood Recovery Consumption Coupon. The survey found that the coupon had a positive impact on both sales and customer inflow for small business owners. The survey was conducted online over three days from August 5 to August 7, targeting 2,035 small business owners engaged in retail and wholesale, accommodation, food and beverage, and educational services in general local commercial districts and traditional markets. Of the respondents, 1,347 operated stores in general local commercial districts, while 688 were small business owners in traditional markets.

According to the survey results, after the introduction of the Livelihood Recovery Consumption Coupon, 55.8% of all small business owners reported an increase in sales at their businesses. Notably, more than half (51.0%) of those who saw increased sales experienced a growth rate of 10?30%. By industry, the wholesale sector saw the highest proportion of businesses reporting increased sales at 68.6%, followed by the food and beverage sector (including restaurants and cafes) at 52.6%.

The change in the number of visiting customers was also positive. In total, 51.8% of businesses reported an increase in customer visits, and among them, 52.1% experienced a customer increase rate of 10?30%. This indicates that the consumption coupon not only boosted sales but also invigorated commercial districts by attracting actual customers.

The impact on consumer inflow into local commercial districts was also positive. A total of 75.5% of respondents said that the consumption coupon was effective in encouraging the use of traditional markets and local commercial districts. Additionally, 63.0% said that using the consumption coupon helped stimulate consumption.

Awareness of the Livelihood Recovery Consumption Coupon was extremely high, with 99.5% of small business owners indicating they were aware of the policy. Furthermore, 70.3% of surveyed small business owners expressed satisfaction with the policy, demonstrating a high level of approval. Regarding the need for additional implementation of similar policies in the future, 70.1% agreed.

However, as for policy improvement measures, the most frequently mentioned were "restricting the places where the coupon can be used to focus on local commercial districts" (49.8%) and "increasing the coupon amount" (47.4%). This highlights the need for a more detailed design to maximize the effectiveness of the policy.

Song Chiyoung, president of the Korea Federation of Micro Enterprises, stated, "The Livelihood Recovery Consumption Coupon is more than just a means to boost consumption; it has become an important stepping stone for small business owners to overcome crises and make a fresh start. Based on the results of this survey, we hope that policies that small business owners can tangibly benefit from will continue to be implemented, and we will focus on uniting efforts to revitalize the small business economy."

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