Singapore is now the second most expensive place in Asia for business travellers, overtaking Tokyo. The average cost of a trip there is US$515 ($689.42) per day. This was found out by ECA International, a global consulting firm that specialises in providing data and software solutions for managing international assignments. In terms of global rankings, Singapore has secured the 19th position.
Early Removal of Travel Restrictions Boosted Demand
ECA International said that the early removal of travel restrictions in Singapore compared to other Asian cities was to blame for the rise in the cost of business travel there. The quick removal of restrictions sparked a surge in demand for travel to the city, leading to a spike in the prices of essential services, such as accommodation and daily essentials, that business travellers require.
Rising Costs of Business Travel to Singapore
Compared to last year, the cost of business travel to Singapore has risen by US$34 ($45.52) on average. Business trips to Singapore cost 10% more per day when measured in the local currency.
As the government completely lifted travel restrictions, business travel to the city began to pick up earlier than it did in most other places in the region, according to Lee Quane, Regional Director- Asia at ECA International. The accompanying boost in demand resulted in higher hotel room rates, and business travellers’ consumption of other daily necessities drove up the prices of those items more quickly than in other parts of the region.
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Singapore is now one of the most expensive places for business travel in Asia. This is because the early lifting of travel restrictions has made more people want to go there. As a result, business travellers to Singapore can expect to pay more for hotel accommodations and other daily essentials. The cost of business travel to Singapore has risen significantly compared to last year, which is a trend that is likely to continue in the coming years.
