Merchants with annual sales exceeding 3 billion won ($2.12 million) are barred from the program; a special 15 percent discount will apply during the Chuseok holiday period.
The city of Suncheon is expanding discount benefits for its Suncheon Love local gift vouchers to revive the local economy and boost regional consumption.
The 298th extraordinary session of the Suncheon City Council approved the third supplementary budget, securing an additional 16.3 billion won in funding to support local voucher issuance. The city plans to raise the standard voucher discount rate to 10 percent year-round and up to 15 percent during special periods such as the Chuseok holiday.
With the expanded discount support from the supplementary budget, the total volume of Suncheon Love vouchers issued this year is expected to reach a record 235 billion won.
The city aims to ease the financial burden on residents and channel Chuseok spending toward small businesses in traditional markets and neighborhood commercial districts, injecting new energy into the sluggish local economy.
"As residents and small-business owners continue to struggle under high prices and an economic slowdown, we hope the expanded Suncheon Love voucher discounts will provide real support to local businesses," an official from the city's economic promotion division said.
However, Suncheon Love vouchers cannot be used at merchants with annual sales exceeding 3 billion won — including Hanaro Mart, Farmers Market and food ingredient marts affiliated with the National Agricultural Cooperative Federation — as the program is designed to support traditional markets and independent businesses.
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