APEC Summit in Gyeongju: Shocking Hotel Price Gouging?
Google Image Capture
Hello! Today, I want to share some news about the APEC Summit in Gyeongju, which is a hot topic these days.
Shocking Hotel Rate Hikes
In anticipation of the APEC Summit to be held in Gyeongju from October 27th to November 1st, 2025, local accommodations are reportedly raising their rates to an alarming extent.
Actual Examples of Price Increases:
Most Shocking Cases:
- Usual price of ₩43,000 → ₩640,000 (Approx. 14x increase!)
- Usual price of ₩38,000 → ₩350,000 (Approx. 9x increase!)
- Usual price of ₩50,000 → ₩340,000 (Approx. 7x increase!)
Luxury Hotels are No Exception:
- 4-Star Hotel A: ₩130,000 → ₩470,000 (3.6x increase)
- Resort B: ₩90,000 → ₩270,000 (3x increase)
Survey Results at a Glance:
A survey of 70 accommodations in the Gyeongju area revealed:
- Number of places with rooms available: 41
- Number of places that increased their rates: 27 (Approx. 66%)
- Maximum increase rate: 14x
Why is this happening?
It is estimated that around 20,000 visitors will attend the APEC Summit. The influx of regional delegates, business people, and journalists is expected to lead to a surge in demand for accommodations.
However, such excessive price increases are facing strong criticism as blatant 'price gouging'.
What are the Media Saying?
Various news outlets are also focusing on this issue:
- **Seoul Shinmun**: "'APEC Price Gouging' Already… Gyeongju Motel Priced at ₩30,000 Now Costs ₩350,000"
- **Herald Business**: "₩43,000 Room Costs ₩640,000?"
- **Cheonji Ilbo**: "Gyeongju Accommodation Fees are Insane"
- **MBC**: "Gyeongju Accommodation Rates Soar Up to 9 Times Ahead of APEC"
Personal Thoughts:
Of course, I understand it to some extent based on the principles of supply and demand. But raising prices by up to 14 times seems really excessive.
Especially since Gyeongju is a representative tourist city of Korea, such price gouging could negatively impact the city's image.
Future Outlook:
The city of Gyeongju is reportedly taking this issue seriously and exploring countermeasures. The APEC Summit is definitely a good opportunity for Gyeongju, but hopefully, it won't be tarnished by this price gouging controversy.
*This posting is a summary of press reports as of September 20, 2025.*
No comments yet.
