New York retained its spot as the most expensive city for business travel in the world in 2022. This comes after business tourism and travel saw a rebound in the post-pandemic period, driving up the costs by eight percent from the year before.
In the Big Apple, an average business trip costs USD 796 (HKD 6,247) per day, according to a report on Bloomberg website. The figure is based on the survey conducted by consulting firm ECA International, which calculated the cost of four-star hotels, meals, taxis, drinks and incidentals. Other American cities on the list include Washington DC and San Francisco, both among the top five.
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Hong Kong is Asia’s most expensive city for business traveller, with Singapore at a close second
While Asian cities do not feature in the ten most expensive cities, Hong Kong tops the ranking in Asia. The average daily cost for business travellers here is USD 520 (HKD 4,081), just USD 5 (HKD 39) more than what a business traveller is expected to spend in Singapore, one of the major financial hubs in Southeast Asia.
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Singapore is ranked globally at the 19th position, while it is the second most expensive business destination in Asia, having overtaken Tokyo for this spot. The cost of business travel to Singapore has risen by USD 34 (INR 2,809), which is roughly 10 per cent, according to the ECA consulting firm report.
Elsewhere in Asia, rising inflation rates were a major reason behind the increased business travel costs, while mainland China saw a pandemic-led drop in demand leading to affordable rates.
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ECA Regional Director (Asia) Lee Quane said business travel to Singapore picked up earlier than most places in the region because of the Singapore government’s comprehensive lifting of travel restrictions. “The resulting increase in demand contributed to rises in hotel accommodation costs, while costs associated with other daily essentials consumed by business travellers also increased at a faster rate than other locations in the region,” he said.
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All HKD conversions were done at the time of filing