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Hong Kong Is Most Expensive Location In Asia For Business Travel

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Hong Kong Is Most Expensive Location In Asia For Business Travel
21 Mar 2023
6 min read

News Synopsis

Despite a drop in demand for business travel to Hong Kong in 2022, the city remained the most expensive in the region and the 16th most expensive in the world, according to ECA International. Internationally, New York remains the most expensive business travel destination in the world.

A business trip to Hong Kong costs an average of USD 520 a day. This is a $ 4 decrease from the previous year's total. This was one of the conclusions of the most recent Daily Rates research issued by ECA International, the world's top source of knowledge, information, and software for personnel management and assignment worldwide.

"Hong Kong has always been one of the most expensive Asian locations to visit on business, and remains so",  stated Lee Quane, Regional Director - Asia at ECA International. "Business travel costs decreased in 2022, albeit slightly, due to low volumes of business travel demand caused by the Covid-19 pandemic and a poorly performing economy."

ECA's Daily Rates reports, which are updated annually, give average expenses for hotel accommodation, which accounts for the majority of any daily allowance, as well as meals, beverages, laundry, taxi fees, and daily needs. Companies use this information to calculate daily spending allocations for employees who travel for work.

Singapore is currently the second most expensive destination in the area, with an average daily cost of USD 515, just slightly less than Hong Kong.

"Singapore overtook Tokyo in 2022 to become the second most expensive city in Asia to visit for business",  Quane added.

Taiwanese cities such as Taipei and Hsinchu, like Singapore, have increased in the rankings, with both joining the top 10 most expensive business travel destinations in Asia.

"The rise in our rankings of Taipei 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,"  Quane explained. "Nonetheless, as locations in Taiwan will expect to receive more business travelers this year, their guests will find Taiwan to be more expensive relative to other comparable destinations in the region."

Tokyo dropped one spot in the rankings and is currently Asia's third most costly city to visit. Despite the fact that everyday expenditures for business travelers have grown in local currency terms over the last year, the yen's devaluation against the US dollar has led it to slide in the rankings.

"In local currency terms business travellers' costs rose by over 5% in Tokyo last year", Quane added. "However, the weaker yen means that with average costs of USD 424 per day, the average daily cost of business travel is almost 20 percent lower than in Hong Kong."

Important News and Blog Tags for Readers

Most expensive business travel destinations in world

Most expensive Asian locations to visit on business

Singapore is second most expensive destination
Tokyo dropped one spot in the rankings