Ahead of the BTS world tour concert to be held in Busan in June, reports of price gouging at nearby accommodations are surging.
According to Busan City on the 19th, the "price gouging QR report" system operated by the Korea Tourism Organization (KTO) received about 70 reports over the weekend. The Korea Tourism Organization will compile the exact number and details and deliver them to Busan City and basic local governments.
Busan City plans to conduct on-site checks through a joint inspection as soon as it receives the materials, and carry out inspections of compliance items for lodging businesses and guidance measures. In addition, if unfair practices such as charging improper fees or failing to meet reservation conditions are found, they will be reflected in hotel rating evaluations.
After Big Hit Music announced Busan concerts for June 12 and 13, the local lodging market was stirred by soaring prices and fierce booking competition. Online reservations sold out quickly, and rates also rose sharply.
One lodging facility in Dongnae District, Busan raised its weekday rate from 68,000 won to 769,000 won on the concert dates of the 12th and 13th, more than a tenfold increase. A lodging facility in Gijang County also set its rates from a weekday 98,000 won to 502,000 won on the 12th and 431,000 won on the 13th. Luxury hotel room rates likewise more than doubled through online intermediary sites.
President Lee Jae-myung urged an end to price gouging on Sept. 16 on X (formerly Twitter), calling it "a vicious tyranny that destroys order across the market and causes great harm to everyone." Earlier, at a Cabinet meeting in September last year, Lee had instructed officials to "prepare a system of penalty surcharges or fines beyond administrative guidance."
A Busan City official said, "We will hold a meeting to review tourism readiness with related agencies and plan to discuss fundamental measures against excessive increases in accommodation rates in depth."