Market
What percentage of companies will be fined for non-compliance with FTC's 'junk fees' rule by end of 2024?
3
Resolution / Starting Odds
Less than 10% • 25%
10% to 20% • 25%
20% to 30% • 25%
More than 30% • 25%
FTC enforcement actions and public records
Story
FTC Bans Hidden 'Junk Fees' in Ticketing and Lodging, Saving Consumers Time and Money
Dec 17, 2024, 02:42 PM
The Federal Trade Commission (FTC) has finalized a rule to ban hidden 'junk fees' in the live-event ticketing and short-term lodging industries. The rule, effective around April next year, mandates that businesses disclose the total price, including all mandatory fees, upfront when advertising tickets for live events or short-term lodging such as hotels and vacation rentals. This measure aims to eliminate 'bait-and-switch' pricing tactics and surprise fees like 'resort', 'convenience', or 'service' fees that inflate the advertised price. FTC Chair Lina Khan emphasized the importance of transparency in pricing to prevent consumers from being misled by hidden fees. The FTC estimates that this rule could save consumers up to 53 million hours annually in time spent searching for the total price, equating to about $11 billion in savings over a decade. The rule was approved by a 4-1 vote.
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Similar markets
Compliance without changes • 25%
Price adjustments • 25%
Legal challenges • 25%
Lobbying for rule changes • 25%
Vacation Rentals • 25%
Hotels • 25%
Live Event Ticketing • 25%
Other • 25%
Vacation rentals • 25%
Other • 25%
Live event ticketing • 25%
Hotel industry • 25%
Vacation Rentals • 25%
Other • 25%
Hotels • 25%
Live Event Tickets • 25%
Less than 10% • 25%
More than 30% • 25%
20% to 30% • 25%
10% to 20% • 25%
Positive financial impact • 25%
Negative financial impact • 25%
Neutral financial impact • 25%
Mixed financial impact • 25%
Mixed compliance and mixed response • 25%
High compliance and positive response • 25%
High compliance but mixed response • 25%
Low compliance and negative response • 25%