"Hate Marketing Controversy" Starbucks' 'May 18 Tank Day' Aftermath... Gift Certificate Value Plummets

(Source=Yonhap News) [Financial News] As the aftermath of Starbucks Korea's 'May 18 Tank Day' marketing continues, the price of Starbucks gift certificates on second-hand trading platforms is plummeting. Gift certificates, which maintained a discount rate of about 5% prior to the controversy, have seen a rapid increase in listings since the marketing scandal, and are now being traded at discount rates that have risen significantly to over 10%.
According to social networking services (SNS) and the second-hand trading platform Danggeun on the 24th, listings for Starbucks 50,000 won gift cards are being registered at prices ranging from 44,000 to 45,000 won. This price represents a discount of approximately 10–12% compared to the regular price.
This phenomenon is analyzed to be due to the impact of the Starbucks boycott movement spreading following the controversy over Starbucks Korea's 'May 18 Tank Day' marketing.
Before the controversy arose, 50,000 won gift certificates were typically traded at around 48,000 won, a discount of about 5%. However, as a full-scale boycott campaign unfolded following the Tank Day marketing, the discount rate has increased by approximately 5 percentage points compared to the previous rate.
In fact, according to Danggeun, search volume on the platform increased by about 76% compared to the previous three days from the 18th to the 20th, the period during which the Tank Day event was announced and subsequently withdrawn.

Meanwhile, discussions regarding the review of revoking government awards previously given to Starbucks Korea and the boycott campaign are currently underway, centered around political circles and government ministries.

The Ministry of SMEs and Startups discussed on the 18th whether to revoke the government award given to Starbucks. Additionally, on the 21st, the Korean Government Employees Union sent an official letter to all branches titled "Request to Join the Boycott of Starbucks Amidst Hate Marketing Controversy, Including the Disparagement of the May 18 Democratization Movement," proposing a suspension of Starbucks patronage.

hsg@fnnews.com Han Seung-gon Reporter