Tokyo has dislodged Hong Kong from its position as the most expensive destination in Asia Pacific for business travel this year, last year the Japanese capital city was in the fourth place.
The appreciation of the Japanese yen, in which all business travel costs in Tokyo are incurred (relative to the US dollar), has led to the city taking first place in the region, according to findings of the latest Daily Rates research by global mobility solutions provider ECA International.
ECA’s Daily Rates reports provide average costs for hotel accommodation, meals, drinks, laundry, taxi transport and daily essentials. This information is used by companies to determine daily expense allowances for staff who undertake business travel.
Lee Quane, regional director " Asia for ECA International, said the cost of four star hotel accommodation in Hong Kong fell about 6% last year.
“Declines in tourism and business travel to the city, factors associated with the current regional economic malaise, are the main drivers behind this fall. They are producing lower occupancy rates, forcing hoteliers in the city to reduce prices from the previous year.”
Singapore is in fourth position in this year’s regional rankings.
Cost of a typical business trip to Hong Kong is US$508 per day on average, excluding travel to and from the city, and US$472 in Singapore (see chart below).
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