Every winter, as the K-pop calendar fills with award shows and comeback announcements, another ritual quietly takes over fandom timelines -- the release of a special line of year-end merchandise known as "Season's Greetings." What began as a simple holiday gift has grown into a unique K-pop tradition -- a blend of pop culture and commerce that shapes how fans celebrate the season and stay connected to their favorite idols.

The K-pop version of Season's Greetings generally refers to a yearly merchandise bundle, often packed with calendars, diaries, postcards and exclusive photo cards, reimagined each year around a new concept or theme that reflects a group or idol's identity.

Typically released as early as October and through December, the merch bundle has come to represent a way for fans to look back on the year and step into the next one with their favorite idols. On the surface, they might seem like simple desk accessories, but in spirit, they're almost tokens of belonging.

For entertainment companies, the winter merch tradition is considered a pillar of revenue.

Unlike albums, which are tied to charts and promotional cycles, Season's Greetings have become a reliable fixture on the K-pop calendar. Their innate scarcity -- limited preorders, early sellouts and concept-specific packaging -- fuels urgency and deepens emotional value.

As these carefully curated goods blur the line between affection and commerce, K-pop labels, fully aware of that emotional pull, have learned to translate sentiment into strategy.

Putting a price tag on emotional value

That formula came into focus when K-pop powerhouse SM Entertainment recently unveiled its 2026 Season's Greetings lineup.

While most of the company's artist sets were priced around 49,000 won ($34), packages for aespa and RIIZE -- currently two of the company's most active and commercially successful groups -- were listed at 129,000 won.

Both were labeled "special editions" and packed with more elaborate goods -- aespa's version features 18 items ranging from a necklace and a denim tote bag to a large fabric poster, while RIIZE's includes collectible paper dolls and exclusive video content.

Still, the sharp jump in price drew immediate backlash. Many fans said the cost undercut the inclusive spirit the tradition was built on, with some even accusing SM of "testing how far fans will go."

Across the industry, last year's Season's Greetings sets were priced within a much narrower range. Most standard bundles -- including those from major acts like TWICE, Seventeen, IVE and Stray Kids -- sold for between 45,000 and 55,000 won, and typically featured a desk calendar, diary, photo cards and stickers. Even premium editions that added DVDs or exclusive merch rarely surpassed 100,000 won.

While K-pop agencies continue to experiment with tiered merchandise and limited editions, industry observers say the recent winter merch debate underscores how fragile emotional value remains in K-pop. Push too far, and what once felt like a shared celebration can quickly start to feel transactional.

Culture critic Ha Jae-geun noted that entertainment companies should be cautious not to exploit fan loyalty for profit, emphasizing that fans, too, may need to adopt a more mindful approach to consumption.

"Both sides have a role to play," the critic said through a local media outlet. "Only when such efforts align can the K-pop market mature in a healthy way."

Still, the enduring appeal of the winter-exclusive merch lies less in what's inside the box than in what it symbolizes. For fans, flipping through a new calendar or jotting notes in an idol-branded planner each January isn't just routine -- it's a ritual of carrying their favorite artists with them into another year.

K-pop 'Season's Greetings' explained: Holiday merch that's more than a gift set - The Korea Times