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New York most expensive city for business travel

London drops out of Daily Rates top 10 due to strong performance of Euro

Pictured: New York

New York is the most expensive location in the world for business travel.

London has dropped out of the top 10, based on ECA International's Daily Rates for business travellers, after being overtaken by Monaco, Basel and Paris. London is now sixth place in Europe, down from third the year before, due to the strong performance of the Euro which has seen costs in other cities rise.

According to the latest Daily Rates research published by ECA International, a typical business trip to New York would cost an average of $793 (£559) per day.

Simon Franklin, daily rates manager at ECA International, said: “New York tops the rankings as the most expensive location for business travel due to the high cost of hotels and travel, as well as mandatory 15-20 per cent tipping policies during meals out.

“A high demand for hotels especially means rates can be charged at a premium and this is reflected in the average cost of a stay at a four star hotel, which currently stands at a huge $509 (£359) per night.”

Updated annually, ECA’s Daily Rates reports provide average costs for hotel accommodation, which makes up the bulk of any daily allowance, as well as 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.

Second in the global rankings, and the most expensive European location for business travel, is Geneva where the average business trip would cost $720 (£507) per day.

Franklin said: “Swiss cities have always been expensive locations for business travel, and 2017 was no different as the Swiss Franc has continued to perform very strongly. On top of this, Switzerland has long been considered a major financial and banking hub and will remain so for the foreseeable future, meaning that business travel to Swiss locations will keep on being a necessity.”

Meanwhile in Asia, the cost of business travel was much cheaper comparatively. Hong Kong is the most expensive location for business travel in Asia but is only 29th most expensive globally.

Franklin added: “Hong Kong has returned as the most expensive place in Asia to visit on business, after overtaking Tokyo in the rankings. However, this change is mostly due to the overall price of business travel in Japan decreasing over the course of 2017. The cost of business travel in Hong Kong has remained relatively unchanged from last year with the typical business trip now costing $508 (£358) per day on average.”

The top 10 most expensive locations for business travel globally are:

1. New York, USA
2. Geneva, Switzerland
3. Zurich, Switzerland
4. Luanda, Angola
5. Bridgetown, Barbados
6. Paris, France
7. Nassau, Bahamas
8. Washington DC, USA
9. Basel, Switzerland
10. Monaco

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