On sale Thursday at 4 p.m. — 1 billion won more than last year's chuseok issue
5% discount means 25,000 won in savings on a 500,000-won purchase
Ahead of the chuseok holiday, Seodaemun-gu is issuing 3 billion won ($2.23 million) worth of Seodaemun Love Gift Vouchers to ease residents' shopping costs and boost spending at neighborhood businesses.
The amount is 1 billion won, or 50 percent, more than the 2 billion won issued for last year's chuseok.
Seodaemun-gu said the vouchers will go on sale Thursday at 4 p.m. at a 5 percent discount.
Residents may purchase up to 500,000 won per person per month, with a holding limit of 1.5 million won. Buying the full 500,000 won costs just 475,000 won, saving the buyer 25,000 won.
The district expanded the issuance volume from last year in anticipation of the surge in grocery shopping and dining out that typically accompanies the holiday. The goal is to give residents a discount benefit while channeling festive spending into sales at local merchants — traditional markets, alley shops and other affiliated stores within the district.
Vouchers can be purchased through the Seoul Pay+ app. Residents who want to buy them are advised to install the app, register as a member and set up a payment method before the sale opens for a smoother experience. Sales will close early once the full 3 billion won allocation sells out.
Purchased vouchers are redeemable at Seodaemun Love Gift Voucher-affiliated stores within Seodaemun-gu. Participating merchants can be found using the "Find Affiliated Stores" feature in the Seoul Pay+ app.
The vouchers cannot be used at large-format retail stores, entertainment or luxury establishments, directly operated franchise outlets of large or mid-sized conglomerates, or college-entrance hagwon with annual sales exceeding 3 billion won, among other restricted categories.
The vouchers are valid for five years from the date of purchase. Unused vouchers are fully refundable at the purchase price; vouchers used for 60 percent or more of their face value can be refunded for the remaining balance, excluding the discount subsidy. At year-end tax settlement, 30 percent of the amount spent with the vouchers qualifies for income deduction, rising to 40 percent for spending at traditional markets.
For more information on purchasing and using the vouchers, residents may contact the Seodaemun-gu Local Economy Division at 02-330-1895 or the Seoul Pay+ call center.
Seodaemun-gu District Mayor Park Woon-ki said the money residents save during the holiday flowing back into neighborhood stores as sales is "the power of local currency," adding that the district will work to broaden "the chain of consumption that revives both residents' wallets and the alley economy."
seouldream01@heraldcorp.com
