Singapore has been named the second-most expensive business travel destination in the Asia-Pacific region, behind Hong Kong only. The average business trip to Singapore now costs USD 515 per day – an increase of USD 34 from the year before – according to the latest Daily Rates research published by ECA International.
Lee Quane, Regional Director – Asia at ECA International says the early removal of travel restrictions compared to other locations in Asia sparked a rise in demand for travel to the city, contributing to its rise up the rankings.
“Singapore overtook Tokyo in 2022 to become the second-most expensive city in Asia to visit for business,” he said. “Business travel to the city picked up earlier than most other locations in the region with the government’s comprehensive lifting of travel restrictions. The resulting increase in demand contributed to rises in hotel accommodation costs, while costs associated with other daily essentials consumed by business travellers also increased at a faster rate than other locations in the region.”
Elsewhere in Southeast Asia, popular tourist destinations saw relatively little change in travel expenses in 2022, with business travel costs rising only slightly over the last year in local currency terms.
“Cities like Pattaya and Chiang Mai in Thailand, alongside Denpasar in Indonesia, all witnessed small rates of growth in local currency terms in 2022, ranging between 1% and 3%,” Quane said. “Hotel rates have been suppressed by low demand in comparison to pre-pandemic levels. Even a tourist hub like Bangkok, which typically receives many business travelers, only saw a moderate 4% increase in business travel costs, leaving it well outside the top 100 most expensive business travel destinations last year.”
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 costs, and daily essentials. This information is used by companies to determine daily expense allowances for staff who undertake business travel.
