Livelihood recovery coupons see high level interest on day one

And in light of that optimistic outlook by the government our correspondent Moon Ji-young was out on the streets of Seoul to gauge the public response to efforts to encourage consumption.

Do take a listen.

Immense public interest was evident on the first day of applications for the livelihood recovery consumption coupons.

Older members of society were seen lining up in front of community centers to apply, while the widespread enthusiasm also led to some credit card website servers crashing.

"I am here at a local market in southern Seoul. The coupons can be used at small businesses like these."

Many have said that they'll be using the coupons to pay for daily necessities.

"Once I get this cash handout, I can definitely cut down on what I spend on food. So, I think it'll really lighten the load, at least for a bit."

"You see, I've got three kids. And honestly, their academy fees cost more than I thought they would. Since it isn't exactly cheap, I really want to put this towards my kids' education expenses."

On the small business front, owners are holding onto the hope that the consumption coupons will give the economy at least a temporary lift.

"I think it'll be easier for people who might've eaten less meat because it's pricey now. We expect this to create a virtuous cycle for the entire livestock industry. And if our sales increase significantly, allowing us to pay more in taxes, I believe that would be beneficial for everyone."

"I guess with these livelihood coupons, consumer spending will pick up for a little while. But it won't last long, so the market will probably only be active for a bit. And once these coupons are all used up, I'm worried the economy might drop again."

Experts expect the coupons to boost consumption.

However, they also point out that they are a stimulus measure rather than an economic growth strategy.

"When looking at different income levels, for high-income earners and upper-middle-income earners, the issuance of these consumption coupons is more likely to result in an increase in excess savings rather than driving additional consumption. Conversely, for lower-middle-income earners and below, we believe these consumption coupons will clearly and directly translate into consumption."

Meanwhile, the government pledged to meticulously work with local governments to ensure that not a single citizen misses out on receiving them.

Moon Ji-young, Arirang News.