It was found on the 13th that lodging rates near the concert venue more than doubled during the week when BTS's Busan concert is scheduled.
The Korea Fair Trade Commission and the Korea Consumer Agency (KCA) announced the results of a survey of lodging rates at 135 accommodations in Busan on this day. The survey periods were ▲the weekend before the concert (June 6–7) ▲the concert weekend (June 13–14) ▲the weekend after the concert (June 20–21).
According to the survey, the average one-night rate the week before the concert was 240,320 won. But during the concert week, it soared to 433,999 won. The following weekend after the concert, it fell again to 231,180 won. The one-night rate during the concert week was 2.4 times that of the previous and following weeks. By accommodation type, motel rates (3.3 times) rose the most, followed by hotels (2.9 times) and pensions (1.2 times).
Park Jong-bae, Director at the Korea Fair Trade Commission (FTC) Consumer Policy Coordination Division, said, "There were cases where the concert week rate was 7.5 times that of the previous and following weeks," and noted, "Lodgings charging five times or more than normal accounted for about 10% of those surveyed."
Lodging rates rose around Busan Asiad Main Stadium in Yeonje District, the scheduled venue for the BTS concert. Rates at accommodations within 5 kilometers of the venue climbed to 3.5 times their usual levels. In contrast, rates at accommodations 20 kilometers away were 1.4 times their usual levels.
Even if a major concert pushes up local lodging rates, the Korea Fair Trade Commission (FTC) cannot force prices down. Instead, as in this case, it provides information to consumers through fact-finding surveys. However, if illegal activity such as collusion is confirmed, it can issue corrective orders.
Meanwhile, if a lodging operator unilaterally cancels an existing reservation to raise rates, consumers can seek relief through the Korea Consumer Agency (KCA). Director Park said, "When (a lodging operator) unilaterally terminates a contract without a reasonable cause, it is subject to relief."