▲ Foreigners are seen touring the streets of Myoungdong in central Seoul, in this file photo taken Jan. 25, 2026. (Yonhap)

govt-price gouging

S. Korea unveils measures to root out price gouging targeting tourists

SEOUL, Feb. 25 (Yonhap) -- The government unveiled Wednesday a series of measures aimed at rooting out overcharging and price gouging practices across the hospitality and tourism sectors, in an effort to strengthen South Korea's tourism industry.

The measures were announced during an expanded national tourism strategy meeting held at the presidential office Cheong Wa Dae and chaired by President Lee Jae Myung, with the attendance of officials from relevant ministries.

Under the proposed measures, the government will revise legislation to require private lodging service providers, including those who offer accommodations specifically to foreign tourists, to display their prices and comply with price-related regulations.

It will also strengthen legal punishments against restaurants and accommodation businesses that do not reveal their rates or overcharge their customers, the government said.

Additionally, a new regulation to penalize accommodation businesses that unilaterally cancel bookings will be created, as well as compensation standards for customers.

In the area of transportation, the government will introduce new rules aimed at narrowing the discrepancy in car rental rates on Jeju Island between peak seasons and off-seasons.

In addition, the government plans to conduct an on-site inspection against price gouging, while providing financial incentives to regional governments that make efforts to stem such practices, it added.

"The opportunistic practices from price gougers targeting tourists who lack local knowledge not only harm honest business owners, but also damage the image of the region, as well as the entire country," the government said.

The series of measures come after some vendors in Gwangjang Market, a major traditional market in Seoul, came under fire for allegedly overcharging foreign tourists.

The Seoul city government has recently announced plans to launch a joint inspection to check against overcharging at traditional markets, as well as price gauging at accommodations, ahead of the K-pop group BTS' comeback show next month.

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