London exits top ten most expensive global business destinations

What a difference a year makes. Following on from a report in February 2017, where we detailed how London had fallen from being the second most expensive business destination in Europe to third after Geneva and  Zurich, this year sees the UK capital tumble to sixth in the regional rankings and out of the global top ten altogether.

The annual report from global mobility experts, ECA International (ECA) shows that on average, the total cost of a standard business trip to Geneva is GBP554 a day, compared to GBP448 in London.

“The cost of business travel in the UK overall has continued to fall, with every surveyed UK location seeing a drop in the table.”

For once London is in tandem with the rest of Great Britain, with all UK locations on the list experiencing a similar shift, as the volatility of the sterling continues.

“Whilst the price of business travel to London has remained relatively static over the past few years, the strong performance of the euro in the past year has seen costs in other cities such as Paris and Monaco overtake the UK capital. The cost of business travel in the UK overall has continued to fall, with every surveyed UK location seeing a drop in the table.” Said Simon Franklin, daily rates manager at ECA International.

Discussing the UK as whole, Franlkin cited Scotland’s third city as an example: “Aberdeen especially illustrates the sudden drop in cost for business travel to the UK, falling from 13th to 39th in the European rankings in just two years. This has been exacerbated by the recent downturn in the oil and gas industry which has led to a reduction in demand for business travel to the area, as well as having an impact on the local economy.”

“Swiss cities once again dominate the most expensive places for business trips in Europe, with five different locations in the top ten,“Switzerland has always been an expensive nation for business travel, and this year is no different as the Swiss franc has performed very strongly.”, Franklin observed.

Global

Business travel in New York City the most expensive in the world

New York is the only location in the world more expensive for business travel than Geneva. A business trip to New York costs GBP611 a day on average.

Franklin said: “The high demand for hotels in New York is reflected in the premium rate that rooms are currently charged at; averaging GBP 392 per night at a 4* hotel. The high cost of hotels and transport, as well as mandatory 15-20 percent tipping policies during meals out, contribute to the US city being the most expensive in the world for business travel.”

Hotels in London and Paris still among the most expensive in the world

The price of hotels in London and Paris is much higher than anywhere in Europe, with the exception of some Swiss locations. A room in London costs on average GBP334 per night in a 4* hotel, making it the 11th most expensive in the world, while Paris costs GBP364, making it the 5th most expensive in the world.

Ten most expensive locations for business travel globally

New York is the only location in the world more expensive for business travel than Geneva, with a trip to the Big Apple costing GBP 611 a day on average.

Franklin said: “The high demand for hotels in New York is reflected in the premium rate that rooms are currently charged at; averaging GBP 392 per night at a 4* hotel. The high cost of hotels and transport, as well as mandatory 15-20 percent tipping policies during meals out, contribute to the US city being the most expensive in the world for business travel.”