Shenzhen was less expensive to live in last year compared to other cities in the world although Shenzhen is the third-most expensive city in China following Hong Kong and Shanghai, according to a survey.
According to the 2019 Worldwide Cost of Living Survey conducted by the Economic Intelligence Unit (EIU) released Tuesday, Shenzhen’s ranking in terms of cost of living went down two places from last year’s world city list.
The rankings of other Chinese cities such as Shanghai, Beijing, Guangzhou, Dalian and Qingdao, also dropped, becoming less expensive compared to other major cities in Asia with significant growth in the latest findings. The British think tank attributed lower exchange rates and the slowdown of the economy to the lower rankings of Chinese cities, the Shenzhen Economic Daily said.
Dalian, Beijing, Taipei, Tianjin, Guangzhou, Qingdao and Suzhou round out the top 10 priciest Chinese cities.
Due to weaker Australian and New Zealand dollars, cities in Australia and New Zealand like Sydney, Melbourne, Auckland and Wellington also became less expensive, the report said.
In Asia, Noumea of French New Caledonia has seen the fastest growth, climbing 33 spots to No. 20, followed by Kuala Lumpur (88, +10), Bangkok (41, +9) and Manila (92, +9), while India’s Bangalore has become the cheapest city in Asia to live in with the cost of living less than one-third of Hong Kong’s.
Singapore has held the title of most expensive city for five consecutive years, and Seoul is still one of the cities with the highest shopping costs.
The EIU has carried out the Worldwide Cost of Living Survey for more than 30 years based on prices for more than 150 items in 133 cities globally, ranging from food, toiletries and clothing, to domestic help, transport and utility bills.
For the first time, three cities — Singapore, Hong Kong and Paris — tied as the world’s most expensive locations after Singapore alone spent five years at the top. Other top 10 cities are Zurich, Geneva, Osaka, Seoul, Copenhagen, New York, Tel Aviv and Los Angeles.
With New York set as a base city, Singapore, Hong Kong and Paris are 7 percent more expensive than the U.S. city and Paris is found with only alcohol, transport and tobacco offering more value for money compared with other European cities.
“We note converging costs in traditionally more expensive cities like Singapore, Hong Kong, Seoul, Tokyo and Sydney. It is a testament to globalization and the similarity of tastes and shopping patterns. Even in locations where topping a grocery basket may be relatively cheaper, utilities or transportation prices drive the overall cost of living upwards,” said Roxana Slavcheva, the editor of the survey.
Looking at the most expensive cities by category, Asian cities tend to be the priciest locations for general grocery shopping while European cities tend to have the highest costs in the household, personal care, recreation and entertainment categories, with Zurich and Geneva the most expensive in these categories, the findings showed.