President Lee Warns Busan Businesses Against Price Gouging Ahead of BTS Concerts

SEOUL, May 27 (Yonhap) -- President Lee Jae Myung on Wednesday warned against some businesses in Busan that have sharply raised their prices ahead of upcoming concerts there by K-pop superband BTS, insisting that such a short-sighted business practice may tarnish the image and eventually the economy of the entire city. "Busan seems to need reform as it is losing its image because of so-called price gouging related to BTS concerts," Lee said during an event in the southeastern city. His remarks came one day after RM and other members of BTS addressed the issue during an online livestream event, saying there was little they could do but that they hope businesses that have exorbitantly raised their prices would "give it a break." The group is set to perform in Busan from June 12-13. "It would significantly damage the image of entire Busan if talk of accommodation price gouging resurfaces when it hosts a large-scale event," the president warned. He cited inhospitality, price gouging and racial discrimination as examples of factors harming the tourist industry, saying overpricing by a small number of accommodations would ultimately affect the entire industry in the region. The president noted that prices are determined by the market, but that people are upset because businesses cancel their reservations to accept new bookings at far higher prices. Amid the controversy, temples, churches and schools in Busan have stepped in to offer free or low-cost accommodations to visiting fans during the concert period.