A recent report by ECA International showed that the cost of living for business travellers in Singapore is cheaper than in Hong Kong. Average cost of living per day is at US$468 (S$634) in Singapore while US$515 (S$698) in Hong Kong. Expatriates also seem to prefer Singapore over Hong Kong in terms of liveability.
The study concluded that Hong Kong is the most expensive city in Asia for travellers on business trips. For the second year in a row, Hong Kong is more expensive than Tokyo and Seoul, ranked second and third respectively.
Singapore is ranked fourth. Living costs for business travellers in Singapore dropped 2.3 percent since 2018.
New York, the most expensive city for business travellers, averages at US$799 (S$1,083) per day.
Hotel and living accommodations comprise the largest chunk of expenses, taking more than half the total cost of living.
The research by ECA International studied data from 400 locations across 195 countries, considering the costs in 3 to 5 star hotels, meals, laundry, beverages, emergency costs as well as taxi fares.
“The cost of a business trip to Singapore has stayed relatively static due to the steady level of international business travel to the country,” as reported. The cost of hotel rooms got somewhat cheaper, from US$256 (S$347) per night in 2018 to US$249 (S$337) per night this year.
Additionally, Johor Bahru is ranked the cheapest destination for business travellers in Asia. Average cost of living per day is at just US$184 (S$249)./TISG