Seoul: The government on Thursday announced a series of measures aimed at boosting consumer sentiment in non-metropolitan regions as part of its broader economic stimulus plan. Under the latest plan, consumers who spend 50,000 won (US$36) or more using credit cards at small businesses outside the capital area, such as traditional markets and restaurants, will be eligible to enter a lottery, the finance ministry said.
According to Yonhap News Agency, ten first-prize winners will each receive gift certificates worth 20 million won. The government has allocated a total of 1 billion won in prize funds for 2,025 winners, added the ministry. In addition, the existing 3,000-won discount coupons for art exhibitions will be expanded specifically for use in non-capital regions, the ministry said.
To promote tourism in areas with falling populations, the government will also double the maximum discount benefits for users of the government-issued tourism card, increasing the cap from the current 500,000 won to 1 million won. The latest measures are aimed at revitalizing the economy in regions outside of Seoul and its surrounding area, where the recovery has lagged behind that of the capital region, despite a recent nationwide rebound in consumer sentiment.
In July, the government began distributing cash handouts dubbed "consumption coupons," worth 150,000 won, with additional support allocated for low-income and single-parent households. President Lee Jae Myung has pledged to promote balanced regional development, stating the government will increase budgetary support for regions outside the capital area.