Seoul citizens can purchase up to 72 billion won worth of the ‘Gwangyeok Seoul Love Gift Certificate’ starting August 18th, offering significant discounts ahead of the Chuseok holiday. This widely usable voucher can be bought at a 5% discount, with an additional 2% rebate on transactions, potentially leading to a total savings of up to 7%.
Following the rapid sell-out of previous voucher issuances, intense competition is expected when sales begin on August 18th, mirroring the ‘Gwang-geul’ (a portmanteau of Gwangyeok and the Korean word for ‘sell-out’) phenomenon seen before.
Massive Voucher Release on August 18th
The Seoul Metropolitan Government announced that 72 billion won worth of Gwangyeok Seoul Love Gift Certificates will be available for purchase on a first-come, first-served basis for the general public starting August 18th. To manage the high demand, sales will be staggered based on birth year. Citizens born in even-numbered years can purchase vouchers between 12 PM and 2 PM, while those born in odd-numbered years can buy them between 3 PM and 5 PM. Each group will have 36 billion won allocated to them.
If any amount remains after these designated times, it will be available for purchase by anyone, regardless of their birth year, from 6 PM onwards. These Gwangyeok vouchers can be used at any merchant within Seoul’s 25 autonomous districts that accepts the Seoul Love Gift Certificate. This broad usability distinguishes them from district-specific vouchers, which are limited to merchants within their respective administrative boundaries.
The Gwangyeok Seoul Love Gift Certificate can be spent at a wide array of establishments, including traditional markets, restaurants, cafes, optical shops, and private academies (hagwons). However, usage is restricted at large hypermarkets and some major educational institutions.
The vouchers are sold at a 5% discount, and an additional 2% of the transaction amount is rebated, resulting in a maximum potential discount of 7%. This offer follows a previous sale on August 14th, where 8 billion won worth of vouchers specifically for seniors born in 1961 or earlier were offered and sold out immediately.
Increased Voucher Issuance Reflects Soaring Demand
The Seoul Metropolitan Government has significantly increased the total issuance volume of the Gwangyeok Seoul Love Gift Certificate this year to meet the growing demand. After a slight decrease from 150 billion won in 2023 to 145 billion won in 2022, the annual issuance has been expanded to 280 billion won for 2024. This represents a substantial increase of 135 billion won, or approximately 93%, compared to the previous year.
The 72 billion won allocated for the August 18th general sale constitutes a significant portion of this year’s expanded budget. In addition to the Gwangyeok vouchers, the city is also releasing 185 billion won worth of district-specific Seoul Love Gift Certificates across 24 autonomous districts between August 15th and 18th, in anticipation of the Chuseok holiday.
Sales for district-specific vouchers began on August 15th in seven districts, including Geumcheon and Seongdong. On August 16th, eight more districts, such as Yongsan and Gwangjin, offered their vouchers. On August 17th, nine districts, including Gangbuk and Gwanak, released theirs. Guro District is scheduled to release an additional 5 billion won worth of vouchers on August 18th.
District Vouchers Also Selling Out Quickly, Offering Substantial Savings
District-specific Seoul Love Gift Certificates are also experiencing rapid sales, with many selling out within a day. Yangcheon District’s 4 billion won worth of vouchers sold out in just one day. Gangseo District’s 10 billion won worth of vouchers also sold out within 24 hours, as did vouchers in Jung, Dongdaemun, Dongjak, and Guro districts.
These district vouchers typically offer a base discount of 5%. Some districts provide additional rebates: Jung District offers an extra 2%, while Gangseo, Guro, Geumcheon, and Gangnam Districts provide an additional 5%. This means residents in districts like Gangnam can achieve savings of up to 10% when using their local vouchers.
In Gangnam, an area known for its high concentration of private academies (hagwons), parents are particularly keen on using these vouchers to offset educational expenses. Gangnam District’s Seoul Love Gift Certificate, which began sales on August 16th at 2 PM, saw 9 billion won worth of its 39 billion won issuance sold within the first 30 minutes. Online parent communities have buzzed with discussions, urging members to purchase the vouchers immediately to save on living costs, including hagwon fees.
However, it’s important to note that these vouchers cannot be used at some large private academies with annual revenues exceeding 3 billion won.
The vouchers are also popular among couples preparing for weddings. Areas like Cheongdam-dong and Sinsa-dong have a high density of wedding-related businesses, allowing engaged couples to use the gift certificates for wedding expenses, thereby reducing overall costs. Users on online wedding information forums have shared that they set alarms to ensure they don’t miss the purchase times, highlighting the perceived value and urgency.
A Seoul City official commented that citizens who missed out on purchasing district-specific vouchers are likely anticipating the Gwangyeok voucher sale. Given the expected high competition on August 18th, the official advised citizens to pre-register for the SeoulPay+ app to streamline the purchase process.
Vouchers can be purchased through the SeoulPay+ app using various payment methods, including account transfers, credit cards, and Naver Pay Money.
