Even President Lee Steps In... Price Gouging Persists Ahead of Busan Fireworks Festival

Accommodation Prices Soar to 1.8 Million Won per Night
Paid Seats Scalped at Premium
No Solution in Sight Despite President's Warning

Despite President Lee Jaemyung personally highlighting the seriousness of price gouging, there are ongoing concerns that excessive pricing remains rampant ahead of the Busan Fireworks Festival, one of Busan's signature events.

Drone light show held last month at Gwangalli Beach, Suyeong District, Busan. (Photo for article understanding, unrelated to article content) Photo by Yonhap News.

On September 3, Yonhap News Agency reported that, ahead of the Busan Fireworks Festival in November, the prices of some accommodations and paid seats are soaring. According to the accommodation booking platform Airbnb, the nightly rate for lodgings near Gwangalli Beach on November 15, the day of the Busan Fireworks Festival, is set at around 1 million won. Some studio and two-room accommodations are even listed for over 1.8 million won. This is more than five times higher than the usual weekend average price of 200,000 to 300,000 won.

This surge in prices has become even more severe after the festival date was changed. In July, it was revealed that one accommodation operator, upon learning of the date change belatedly, demanded an additional 1.35 million won from guests who had already booked. When the guests refused, the operator unilaterally refunded their reservations, sparking controversy.

Not only accommodation prices but also paid seat tickets for the fireworks festival are being sold at inflated prices through scalping. Paid seats, officially priced at 100,000 won (R section) and 70,000 won (S section), are being resold on secondhand trading platforms for 1.5 to more than 2 times their official price.

Regarding this situation, the Busan city government has stated that there is "no legal basis for crackdowns." Legal action can only be taken if prices are not displayed in advance or if customers are charged differently from the displayed price.

Addressing these issues, President Lee Jaemyung strongly criticized the situation during a recent Cabinet meeting, saying, "Trying to make a small profit can result in a devastating blow," and emphasized, "This is not something that should be left unattended simply because it is a matter of free enterprise."