[Article Translation] Accomodation Prices in Busan Rise by Up to 7.5 Times During BTS Concert Period

 Original article: Yonhap News


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Accomodation prices in Busan are set to rise sharply in June, when the K-pop group BTS holds its concert, with average rates increasing by 2.4 times and peaking at as much as 7.5 times. 

The Korea Fair Trade Commission, together with Korea Consumer Agency, released the results of a survey covering 135 accomodations in Busan (52 hotels, 39 motels, and 44 pensions). 

According to the commission, the average room rate on June 13, the scheduled concert date, was 143.9% higher—about 2.4 times—compared with the week before or after. 

In particular, motels recorded the steepest increase at 3.3 times, followed by hotels at 2.9 times and pensions at 1.2 times. 

There were 13 cases—about 10% of all surveyed properties—where prices rose by more than five times compared with normal rates, including instances where rated reached 7.5 times the usual level during the concert period. 




The commission explained that price hikes were especially steep near the concert venue and major transportation hubs. 

For accomodations located within 5 kilometers of Busan Asiad Main Stadium, prices during the performance week were about 3.5 times higher than usual. Even properties within a 20-kilometer radius saw rates rise by more than two times. 

Accomodations within 10 kilometers of Busan Station recorded average prices 3.2 times higher than the previous and following weeks, while those near Sasang Intercity Bus Terminal saw increases of up to 3.4 times. 

By contrast, the commission added that price increases were relatively lower near Haeundae Beach and Gwangalli Beach. 

The commission advised visitors to Busan during this period overall price trends and location-based differences when choosing accomodations. 

It also emphasized that when factors such as regional festivals or large-scale performances lead to accomodations price hikes, it will promptly investigate the situation and provide relevant information to consumers. 

Meanwhile, the government is currently operating an inter-agency task force on measures to eliminate excessive pricing in the lodging industry and plans to announce comprehensive countermeasures in the first quarter. 


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