Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Koreans make mad annual dash for free bank calendars
gettyimagesbank
By Lee Yeon-woo
As the new year approaches, free calendars produced and distributed by banks are becoming highly sought after. Despite banks reducing the quantity of paper calendars they produce, demand remains consistent, with people rushing to banks as soon as they open and calenders being sold at a premium in the secondary market.
According to recent observations in the online secondary market, as of Monday, wall and desk calendars from commercial banks are being listed on various platforms, with prices generally set around the 10,000 won ($7.59) range. Calendars that feature celebrities as models or that have especially outstanding designs are being traded at even higher prices.
There's an active sharing of experiences online about visiting banks right at opening time to acquire these calendars.
"I normally use digital banking, so I rarely need to use the bank's counter services. It felt odd to queue up just to ask for a calendar. So I decided to visit the bank right at opening time," a woman living in Goyang, Gyeonggi Province, wrote in an online community last week.
A notice is posted by a commercial bank indicating that the distribution of calendars has concluded, following a first-come, first-served distribution that took place on Dec. 1. Screenshot from X
In a similar vein, another woman from Seongnam, Gyeonggi Province, expressed her frustration in a different online community on Friday. She wrote, "It was difficult for me to get a calendar. Seeing some people selling these free calendars online makes me feel quite bitter."
In Korea, it's customary for banks to offer free calenders to their customers annually. These calendars are highly sought after, due partly to a widespread belief that having a bank's calendar in one's home can bring financial fortune to the household. They are particularly popular among older customers, who appreciate the large font and spacious design of the calendars.
However, the production of calendars by banks is on the decline. The combined output of calendars for next year from five major commercial banks — Hana, KB Kookmin, NH NongHyup, Shinhan and Woori — is approximately 6.35 million, a 19 percent decrease compared to 2019.
The main reason for this reduction is the banks' commitment to eco-friendly practices, while the cost of printing calendars has increased significantly due to inflation.
As secondhand sellers become concerns for banks, many banks have implemented preventive methods, such as distributing only one calendar per customer and requiring online registration for free calendars.