Yeosu City Issues 135.5 Billion Won in Local Gift Certificates... Largest Ever

"Boosting Consumption and Increasing Sales for Small Businesses"

Yeosu City in South Jeolla Province (Mayor Jung Kimyung) announced on October 30 that it will expand the issuance of the Yeosu Sarang Gift Certificate from last year's 86.7 billion won to 135.5 billion won this year to revitalize local businesses and restore the livelihoods of residents. This is the largest issuance to date, with the special discount amount also increasing from last year's 30.7 billion won to 37.5 billion won.

This year, the city distributed a total of 20 billion won worth of card-type gift certificates by offering a 15% special discount during the Lunar New Year in January and Family Month in May. In August, after being designated as an industrial crisis response area and securing an additional 10% in national funding, the city implemented a 20% special discount sale, releasing 17.5 billion won worth of gift certificates to the market. From September to December, the discount rate for card-type gift certificates was temporarily raised from 10% to 13%, and a total of 35.5 billion won is currently being sold.

Card-type Yeosu Sarang Gift Certificate (Seomseom Yeosu Pay)

To address regional consumption imbalances and boost sales in underprivileged business districts, the city is also offering an additional 5% on-site discount year-round at 99 Good Price Stores and 1,986 locations including the Yeomun District, Jinnam District, and Heungguk Shopping Center.

This expansion of issuance and increase in discount rates is the result of Yeosu City’s proactive fiscal management to secure national and provincial funds and revitalize the local economy. It is helping to alleviate household burdens caused by high inflation and is having a positive effect on increasing sales for small businesses.

The card-type gift certificates can be purchased through the local gift certificate app 'chak' or at 82 designated financial institutions, and can be used at affiliated Yeosu Sarang Gift Certificate merchants. The list of affiliated merchants is available on the Yeosu City website and the 'chak' app.

Mayor Jung Kimyung stated, "I hope that this year's largest-ever discounted sale of the regional gift certificate, together with the livelihood recovery consumption coupon, will help ease citizens' cost-of-living burdens, restore consumer sentiment, and revitalize the domestic economy."

Meanwhile, the city reported that a total of 215.8 billion won has been injected into the local business sector through the government’s livelihood recovery consumption coupon and the Yeosu Sarang Gift Certificate, resulting in tangible effects such as increased sales for small businesses and the recovery of the local economy.

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