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Foreign travel, be it a trip with your friends or a quick business tour, is bound to pinch your pockets. More so, if you are travelling to Hong Kong. The city has been ranked as the most expensive location in Asia for business travel, according to ECA International’s latest Daily Rates research report. The report states that the average daily cost of business travel to Hong Kong is $520 (approximately Rs 43,000), which is $4 less than the previous year. The city is the 16th most expensive location globally. Lee Quane, Regional Director for Asia at ECA International, stated, “Hong Kong has always been one of the most expensive Asian locations to visit on business, and remains so.”
Moving on, as per the study, Singapore is the second most expensive city in terms of business travel. The average daily cost of a business trip in the Asian financial hub is now $515 (approximately Rs 42,000). Globally, it is at the 19th spot. Quane said that after the COVID-19 pandemic, “business travel in Singapore picked up earlier than most other regional locations. This increased demand contributed to rises in hotel accommodation costs, and costs associated with other daily essentials consumed by business travellers also increased at a faster rate than other locations in the region.”
Similarly, Tokyo is ranked third on the list. Shanghai, Seoul, Dhaka, Taipei, Beijing, Yokohama, and Hsinchu make up the remaining locations in the top 10 most expensive Asian cities for business travel. As per ECA International, inflation has contributed to significant increases in business travel costs in terms of local currency in several locations, even though business travel demand has not yet recovered from the coronavirus pandemic.
On the Daily Rates global rankings, New York, the financial hub of the United States, is the most expensive location in the world for business travel. The average cost of a business trip is about $796 (approximately Rs 65,480). Geneva and Washington DC occupy the second and third spots. On the list of top ten most expensive cities, four are from the United States. Zurich, San Francisco, Tel Aviv, Los Angeles, London, Luanda and Paris round off the top 10 rankings.
For the purpose of the research, ECA’s Daily Rates take into account average costs for hotel accommodation, along with meals, drinks, laundry, taxi costs, and more. They aim to help companies across the globe determine a budget before they send their employees on a business trip.
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