The Economic Recovery Group has announced a new incentive which will encourage spending within the domestic economy, and provide more than £0.55million in direct consumer-based incentives to Isle of Man based businesses.
The LoveIOM Gift Card will be launched in the ‘shoulder season’, which typically sees a decline in footfall within some domestic facing sectors. The gift card, aimed at both residents and those visiting the island, will be similar to a high street gift card, but it can be used island wide in a range of businesses and will promote the benefits of spending within the local Economy.
Government will also have the ability to deliver targeted support to sectors that require additional stimulation through bonus incentives. To celebrate the launch of the LoveIOM Gift Card a limited number of cards will be available to purchase with additional credit from Government, providing consumers with greater value for their money.
£0.5 million funding is earmarked specifically for a hospitality campaign to encourage diners to eat out mid-week in the autumn months. Further details will follow once the project is officially launched to consumers.
While the gift card will primarily be a digital solution, held in smart phone wallets, there will also be an option to request a physical gift card at additional cost. As well as for personal spending, customers will also be able to purchase gift cards for others which it is hoped will encourage personal and corporate customers to consider the wider societal impact of gifting money to be spent in the local economy rather than with international suppliers.
All local businesses with a physical premises in the Isle of Man will be able to sign up to become a partner of the scheme. Merchant on-boarding will launch later on this month, and businesses can sign up to find out more by visiting www.loveiom.com. Certain expenditure, such as gambling, betting, tobacco and alcohol will be excluded from the gift card.
Treasury Minister Alf Cannan said: ‘The Economic Recovery Group has a clear remit to consider activity that will safeguard jobs and stimulate local spending so that we protect and strengthen our island’s economy for the future. Domestic sectors have been impacted severely by the COVID-19 pandemic and positively influence considerations that make the island and excellent place to live, work and do business. Research and surveys undertaken to assess the impact of the pandemic on our domestic economy highlighted stimulus activity as one of the most effective ways of supporting these sectors in the long term. I hope that our island’s businesses and residents will embrace the LoveIOM Gift Card once it launches to the public and that it provides a further reason to support the excellent quality businesses we have on our island.’