Business trips are a great opportunity for prospective business development and the establishment of relations with domestic and foreign partners. The annual turnover of the tourism industry in the world exceeds 1 trillion dollars. In terms of profitability, it is equal to the oil business. So, it is not surprising that the development of business tourism is gaining momentum.
While the purpose of any business trip is to run a business and generate income, not all of these travels are as profitable as they may seem. Ticket prices are constantly rising, hotel costs are increasing, and taxi rates are also growing. The daily expenses of a business person are three times higher than the expenditures of an ordinary tourist.
At the same time, countries most visited by business people also generate considerable income. The first place in the business tourism market is held by the USA, the second by the UK, while Switzerland is the third. In these countries, the hospitality industry is virtually perfect. There are luxurious congress centers and hotels designed for holding large-scale events. The quality/price ratio is optimally balanced there, which significantly contributes to the choice of business people.
On the other hand, the most expensive cities for business trips are located in the countries mentioned above. For example, in the US, there are about 10 cities that are considered the costliest for people traveling for commercial purposes. New York tops this year after year. It is considered one of the most expensive cities for both regular and business tourists not only in the US but also in the world. According to experts, spending a day in New York will cost any business person no less than $750-800, taking into account the cost of accommodation in a four-star hotel, travel expenses to and from destinations, taxis/car rental and food prices, and other charges. Among other expensive US cities are Washington DC (around $600 per day), San Francisco (around $580 per day), and Los-Angeles (about $550-600 per day).
London, the UK capital, was recognized as the most visited city in the world among business travelers in 2012. It has been among the world’s top 10 most expensive cities for many years; so, business travel costs are quite high there. It is especially expensive to stay in good hotels and take a taxi. But the prices for restaurants and entertainment are moderate. On average, the cost of staying in London per person per day will be around £500. Other cities within the UK that will be costly for a business trip are Edinburgh (around £350 per day), Manchester (around £300 per day), and Glasgow (around £280 per day).
In Spain, the leading city for business trips is Barcelona. The destination is popular because of its beautiful locations, favorable weather, and impressive range of congress and conference facilities. It comes as no surprise that traveling there will be rather costly, around €400 per person per day.
Switzerland, another country in Europe, is also considered a popular destination, with Geneva being one of the most expensive cities for business trips and the best deals in 2020. The cost of staying there is around $730 per day, which is almost the same as in New York. However, business people will be also forced to pay much in such cities as Zurich (around $650 per day), Basel (about $580 per day), and Bern (around $570 per day). Switzerland has always been an expensive country for business trips. At the same time, it is in high demand, and the situation doesn’t seem to be changing, as the position of the Swiss franc is solid and constant.
Other no less expensive destinations are Paris, France, and Reykjavik, Island. France is a very attractive country in terms of infrastructure for tourists. The same applies to business tourism. The world’s largest exhibitions, fashion shows, international congresses, and other events are held annually in Paris. Modern convention centers, stadiums, exhibition venues, and excellent hotels provide first-class facilities for these purposes. Spending a day in Paris will cost around $600. Reykjavik also became one of the leading business travel locations requiring impressive expenses rather unexpectedly. Nevertheless, a business person will have to pay no less than $620 per day for all the services and commodities.
Finally, there are cities in Asia that are worth being added to this list. For over two years, Hong Kong is ranked among business travelers as the most expensive city in Asia. Experts estimate that an average traveler’s bill for a business trip to Hong Kong is approximately $510. Tokyo and Seoul follow it right away. The average expenses in the capital of Japan and the capital of South Korea are $490 and $480 per day respectively.
Besides, Singapore has repeatedly been at the top of the ratings of the most expensive cities to live in over the past four years. But business tourists also spend a lot there – around $500 per day. Dacca, the capital of Bangladesh, is one of the most expensive Asian cities not only for business tourists but also for expatriates. The average cost of staying at a four-star hotel here is $277, and the expenses per day might be up to $480 in total.