But which city is the most expensive for business travel?
Management consultant ECA International has tallied up leading destinations to find out which will leave travelers with the emptiest wallet.
The UK’s Brexit vote to quit the European Union has flung London out of the top 10, but there are plenty of other candidates to take its place.
10. Monaco
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9. Basel, Switzerland
8. Washington DC
7. Nassau, Bahamas
6. Paris, France
5. Bridgetown, Barbados
4. Luanda, Angola
3. Zurich, Switzerland
2. Geneva, Switzerland
1. New York, USA
High cost of accommodation makes New York ECA’s most expensive business travel location for 2018.
Though New York took the top spot, Swiss cities dominate the list — Geneva, Zurich and Basel feature at Nos. 2, 3, and 9 — in large part because of Switzerland’s high-performing currency.
The ECA report takes into account the average cost for four-star hotel accommodation, meals, drinks, laundry, transport and other essentials. Other factors also play a part, including general demand.
“The amount of business that takes place there is quite key,” Simon Franklin, Daily Rates Manager at London-based ECA tells CNN Travel. “You see at the top of the rankings the global cities such as London, Paris, New York, they’re all very high because the amount of visitor numbers are very high.”
But while it remains a global business hub, London has probably fallen out of the top 10 because of recent political changes, Franklin adds.
“It has been falling over the past two years, really since the Brexit vote went through,” he says, blaming currency fluctuations in the wake of the decision.
Higher security risks have also had an impact.
“Places with security issues are very high, because the number of hotels is less, because of the high security demands that go with it — and everybody who’s there for business stays in the same hotels which have high levels of security,” says Franklin.
Luanda, Angola takes the No. 4 spot on the list — in part because of security factors.
Other cities can end up highly placed because they’re locations where “business is perhaps given a second priority to tourism, so there aren’t really any specific business hotels,” adds Franklin.
In these cities, traveling executives end up staying in pricey tourist areas, rather than more competitively-priced business areas.
In New York, high demand for hotels impacts business travelers. Often rooms go at a premium rate — ECA says four-star prices average at approximately $546 per night.
It’s this high cost of accommodation, plus the mandatory 15-20% tipping policies, that makes New York ECA’s most expensive business travel location for 2018.
So what should you do if you’re heading to one of these cities any time soon?
“Make sure you are aware of the average cost for hotels and meals and things before you go,” he suggests. “And do a bit of research to see where you can get cheaper costs beforehand, stay off the most obvious streets and the highest priced areas of the city.”
This feature was originally appeared in CNN Travel.
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