Gangnam District Issues 50 Billion Won in Gangnam Love Gift Certificates... Up to 12% Discount
11 a.m. on the 18th,
Largest Scale in Seoul
Gangnam District in Seoul (District Mayor Cho Sungmyung) will issue 50 billion won worth of “Gangnam Love Gift Certificates,” the largest amount among Seoul districts, at 11 a.m. on September 18 to support the local economy during the Chuseok holiday season. These gift certificates offer an immediate 7% discount upon purchase, along with a 5% payback on the payment amount. This payback event will be available at all times until the end of the year, providing a maximum effective benefit of up to 12%.
In particular, this year’s Chuseok gift certificates are supported by national funding, raising the discount rate from the previous 5% to 7%. This is expected to ease the financial burden of holiday spending while also boosting sales for local businesses.
Purchases can be made through the “Seoul Pay Plus (Seoulpay+)” app. Each individual can purchase up to 500,000 won per month, with a maximum holding limit of 1.5 million won. Users can also receive a 30% income tax deduction on their spending. Participating small business owners can expect increased sales without any additional payment processing fees.
The district previously issued 30 billion won worth of gift certificates for the Lunar New Year in the first half of the year and will supply an additional 50 billion won for Chuseok. By combining an annual supply of 80 billion won in gift certificates with the payback program, the district aims to stimulate consumer sentiment in the second half of the year and inject liquidity into neighborhood economies.
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Cho Sungmyung, Mayor of Gangnam District, stated, “We will work to ease the burden of household shopping and boost sales for local businesses by encouraging consumption in the second half of the year. We will continue to expand policies that promote local spending, such as discounts and payback programs, to ensure residents can feel the recovery of the local economy.”
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