International bank red envelopes sought after in Asia

On New Year’s Day, millions of people following East Asian culture will exchange bright red envelopes to wish each other peace and good luck in the new year. Not only the amount of money inside is important, the envelopes have also become attractive and valuable collectibles, especially the envelopes of international banks.

The red envelopes, often embossed with gold or featuring rabbits (except Vietnam, all Asian countries have chosen rabbits as their mascots this year), have been in high demand on the vibrant secondary market, even though international banks are giving them away for free to their customers and partners. This year’s red envelope designs from UBS Group AG, Credit Suisse and Deutsche Bank are commanding the highest prices, often selling for more than SGD 10 (nearly VND 180,000) per envelope on Facebook Marketplace and Asia’s major classifieds platform and marketplace Carousell. Credit Suisse and Deutsche Bank’s designs feature rabbits on a colorful floral background. UBS, meanwhile, has chosen lucky mascots based on Asian beliefs such as unicorns, cranes, deer, etc.

Morgan Stanley and BNP Paribas red envelopes are cheaper, usually around SGD 8-9. HSBC's is the cheapest because it only has the bank's logo printed on a red background without any symbols related to the Year of the Rabbit.

Secondary market price of red envelopes from international banks. From a custom of wishing good luck for children by adults, red envelopes have now become a way for people to share luck and happiness with their loved ones regardless of age. Not only children, red envelopes are also given to the elderly, especially parents, to spouses, siblings, and to friends, colleagues or partners...

Typically, red envelopes with the highest amounts of money are given to those closest to them (parents on both sides, spouses, children and siblings), followed by members of the wider family (siblings, cousins). The amount of money usually decreases when given to the children of friends, colleagues, partners, etc.

According to Bloomberg, international banks typically spend several months designing their red envelopes each year. Flowers and lucky mascots are common symbols. The design of the red envelopes is taken so seriously that the final design often requires approval from the highest levels of management.

Last year, the tiger-themed red envelopes used by Credit Suisse became a "fever" among collectors because they only appear once every 12 years. Kevin Huang, CEO of Carousell Hong Kong, said that last year, there were nearly 7,000 posts selling red envelopes from international banks created in the first half of January, double the number in 2021. Of these, red envelopes from UBS, HSBC and DBS Group Holdings were the most sought after.

In the era of electronic payments, online lucky money is becoming more popular. However, the practice of giving delicately designed paper envelopes is still part of a decades-old custom to show respect for local culture. Most people buy them as souvenirs. Like limited edition luxury goods, these lucky money packets also increase in value over time. This is also a new form of investment among collectors.

According to VnExpress