Seoul: The government has introduced a series of initiatives designed to enhance consumer sentiment in regions outside metropolitan areas, as part of a strategic economic stimulus effort.
According to Yonhap News Agency, the plan encourages consumers to spend 50,000 won (approximately US$36) or more at small businesses, like traditional markets and restaurants, in non-capital regions using credit cards. Consumers participating in this initiative will have the opportunity to enter a lottery, with ten first-prize winners receiving gift certificates valued at 20 million won each. The government has earmarked a total of 1 billion won to fund prizes for 2,025 winners.
Additionally, the current 3,000-won discount coupons for art exhibitions will be expanded for exclusive use in non-capital regions. To further boost tourism in areas experiencing population decline, the government plans to double the maximum discount benefits available to users of the government-issued tourism card, increasing the cap from 500,000 won to 1 million won.
These measures aim to invigorate the economy in regions outside Seoul and its surrounding areas, which have seen slower recovery compared to the capital despite a recent nationwide rebound in consumer sentiment. In an earlier move, the government distributed "consumption coupons" worth 150,000 won in July, with additional support for low-income and single-parent households.
President Lee Jae Myung has expressed a commitment to promoting balanced regional development, promising increased budgetary support for regions outside the capital area. Finance Minister Koo Yun-cheol highlighted the resurgence in domestic demand, attributing it to initiatives like consumption coupons. He acknowledged that population decline and other structural constraints have slowed recovery in non-capital areas, but assured the government's continued dedication to sustaining the momentum.