Singapore has risen in ECA's 2022 ranking for business trip costs, coming in second behind Hong Kong. Photo Credit: Adobe Stock/hallojulie
Singapore is now the second most expensive Asian destination for
business trips, surpassing Tokyo in 2022 and only just behind Hong Kong.
Strong demand for the destination has contributed to rising prices
for hotel accommodation, alongside costs associated with other daily
essentials consumed by business travellers.
This is according to research from ECA, a provider of knowledge,
information and software for the management and assignment of employees
around the world.
The average business trip to Hong Kong costs an overall total of
USS520 per day. This is a small decrease of US$4 compared to last year’s
total. The average daily cost of a business trip to Singapore comes in
at US$515, only slightly cheaper than Hong Kong.
“Hong Kong has always been one of the most expensive Asian locations
to visit on business, and remains so”, said Lee Quane, regional
director, Asia at ECA International. “Singapore overtook Tokyo in 2022
to become the second most expensive city in Asia to visit for business,
with business travel in the city picking up earlier than most other
regional locations.”
Like Singapore, locations in Taiwan including Taipei and Hsinchu have
risen in the rankings, with both locations entering the ranking of the
10 most expensive business travel destinations in Asia.
The top 10 ranking features Hong Kong in first place, followed by
Singapore, Tokyo, Shanghai, Seoul, Dhaka, Taipei, Beijing, Yokohama and
Hsinchu.
Quane said Taipei’s rise is largely due to the fact that locations
such as Yokohama, Beijing and Macau, which were all more expensive
before the Covid-19 pandemic, are now relatively cheaper rather than
Taipei becoming more expensive in absolute terms.
Daily costs in Southeast Asian locations remain stable due to slow
post-pandemic recovery, with no other city breaking into the global top
100.
On a global basis, New York remains the most expensive location in
the world for business travel, with the average cost of a business trip
standing at US$796, with Geneva, Washington, Zurich and San Francisco
making up the top five. Singapore ranks 19th in the global list.
ECA provides average costs for hotel accommodation, which makes up
the bulk of any daily allowance, as well as meals, drinks, laundry, taxi
costs and daily essentials.