Prices Surge by 40,000 Won in 10 Minutes: 'Domino Effect' Hits Seoul Ahead of Big Bang Concert

With the 20th-anniversary concert of the group Big Bang just over a month away, accommodation prices near the venue are skyrocketing.
The recurring issue of price hikes during major events is increasing the burden on consumers, leading to calls for countermeasures.
Since ticket reservations began on June 25 for the three-day concert starting August 21, room rates at accommodations near the Goyang Sports Complex in Goyang, Gyeonggi Province, have surged significantly.
Some lodging facilities near Daehwa Station on Subway Line 3, located close to the Goyang Sports Complex, are listing rooms on online platforms at more than double the prices compared to the same period the previous week.
One motel, which typically charges between 80,000 and 100,000 won, has posted a rate of up to 350,000 won for August 22, the second day of the concert.
The price surge is spreading beyond the immediate vicinity of the venue to Seoul.
Accommodations near Bulgwang Station in Eunpyeong-gu, Seoul, which is about a 30-minute ride from Daehwa Station on Subway Line 3, are also seeing price fluctuations.
Many lodging facilities near Bulgwang Station have been fully booked since seven weeks before the Big Bang concert.
Some businesses are raising prices or demanding reservation cancellations.
A person identified as A, who booked a motel near Bulgwang Station after the pre-sale of Big Bang concert tickets on June 24, received a request from the motel to cancel the reservation two days later.
While the motel cited reasons such as potential construction, A raised suspicions that the business was attempting to resell the room at a higher price.
This is because the price of the room, which A had booked for 110,000 won, rose to 150,000 won just 10 minutes later, and then jumped to 200,000 won on June 25, following the general ticket sale.
Concerns are growing that the recurring controversy over accommodation costs surrounding major concerts may be repeating.
Experts point out that while fluctuations in accommodation rates during major events are a phenomenon driven by supply and demand, excessive price hikes or unilateral cancellations can damage market trust.
Lee Hong-ju, a professor of Consumer Economics at Sookmyung Women's University, explained, "In principle, accommodation businesses should respect contracts once a reservation is confirmed." She added, "If cases of demanding unilateral cancellations to secure higher prices after a booking is confirmed continue, it could lower trust not only in the specific lodging business but also in the booking platforms themselves."
She further suggested, "There is a need for responsible management, such as requiring transparent disclosure of reasons for reservation cancellations and restricting the exposure of businesses that repeatedly engage in unilateral cancellations."
In response, Yanolja operator Yanolja Universe stated, "As a platform, there are limits to directly intervening in the sales policies of affiliated businesses, but we are implementing management measures, such as restricting businesses with excessive price fluctuations from participating in local government events."
Yanolja Universe also discussed measures to combat overcharging with the Ministry of Culture, Sports and Tourism and industry officials last month.
(Photo: G-Dragon Instagram, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.