Traveling to Asia for work? This city is its most expensive business destination

Hong Kong has been named the astir costly determination successful Asia for concern travelers — for the 2nd twelvemonth successful a row, according to a caller report. 

ECA International's latest Daily Rates research ranked countries based connected costs for abbreviated travel expenses: four-star edifice rooms, meals, laundry, alcoholic and brushed drinks, journeys by taxi and incidental costs. 

The probe aims to assistance organizations expect the outgo of concern trips and short-term assignments, the information institution said. 

A concern travel present costs an mean of $520 a time successful Hong Kong, which is besides ranked the 16th astir costly determination for concern question successful the world. 

Most costly locations for concern question successful Asia

That's contempt debased request from concern travelers, as Hong Kong intimately followed mainland China's pugnacious zero-Covid policy. It was lone successful precocious 2022 that it began to unbend immoderate of its restrictions. 

"Hotel costs proceed to marque up a bulk of the wide outgo of concern travel, and successful spite of little occupancy levels successful 2022, advertised country rates [in Hong Kong] did not autumn significantly," Lee Quane, ECA International's determination manager for Asia, told CNBC.

"This whitethorn person been owed to request from section residents, portion edifice properties whitethorn besides person needed to support their country rates to screen further costs associated with maintaining services during the Covid-19 pandemic."

The study is based connected accusation collected successful 2022, from 457 locations successful implicit 190 countries, said ECA International.

Singapore moved up 1 spot successful ECA International's rankings, overtaking Tokyo to go the second-most costly metropolis successful Asia to sojourn for business.

It's besides ranked 19th globally. 

A concern travel to Singapore present costs an mean of $515 per time — $34 much costly than the twelvemonth before, said ECA International. 

It attributed rising costs successful Singapore to its "early removal of question restrictions" compared with different locations successful Asia, which sparked a emergence successful request for question to the city.

"The resulting summation successful request contributed to rises successful edifice accommodation costs, portion costs associated with different regular essentials ... besides accrued astatine a faster complaint than different locations successful the region," Quane said.

Tokyo, which dropped from second- to third-most costly metropolis successful Asia, besides experienced a 5% emergence successful regular costs for concern travelers successful section currency terms.

"[However,] they were offset by the yen's depreciation against the US dollar, starring to the diminution of respective cities crossed Japan successful this year's rankings," Quane said. 

"With mean regular costs of $424 per time [in Tokyo], concern question to the metropolis is present astir 20% cheaper than first-placed Hong Kong." 

Inflation successful galore locations crossed Asia has contributed to important increases successful concern question costs successful section currency terms, said ECA International. 

Sri Lanka, Laos and Pakistan saw the largest summation successful expenses for travelers, the study found. 

For example, concern question expenses successful Colombo, Sri Lanka were 75% higher successful section currency presumption than a twelvemonth before, according to the report. 

"This chiefly stemmed from precocious ostentation and currency depreciation, since immoderate costs associated with concern question … are typically incurred successful US dollars by overseas concern travelers here." 

But not each Asian destinations experienced the aforesaid surge successful question costs.

Popular tourer destinations, for example, saw "relatively small change" successful question expenses past year, said ECA International. 

"Cities similar Pattaya and Chiang Mai successful Thailand, alongside Denpasar successful Indonesia, each witnessed tiny rates of maturation successful section currency presumption successful 2022, ranging betwixt 1% and 3%," Quane said.

That's due to the fact that little request successful those destinations — compared with pre-pandemic levels — person suppressed edifice rates.

"Even a tourer hub similar Bangkok, which typically receives galore concern travelers, lone saw a mean 4% summation successful concern question costs," Quane added. 

Singapore, successful contrast, saw a 10% emergence successful regular costs of concern question successful section currency terms. 

For yet different year, New York received the dubious grant of being the astir costly spot successful the satellite for concern travelers.

The mean regular outgo of a concern travel successful New York is present $796, according to the report. 

Most costly locations for concern question globally

Travel costs person "rebounded strongly" successful New York implicit the past year, acknowledgment to a "post-pandemic surge" successful request for concern question and tourism, said Quane. 

Along with "inflation-driven terms hikes connected goods" commonly consumed by concern travelers, question costs grew by a stark 8%, helium added. 

Other cities successful the U.S. besides dominated the planetary apical 10 list, specified arsenic Washington D.C., San Francisco and Los Angeles. 

Three European destinations made the list, with Switzerland remaining location to the region's 2 astir costly cities for concern travel.