SEOUL HAS SECOND HIGHEST COST FOR BOTTLE OF WINE AMONG WORLD’S PRICIEST CITIES
By Siulan Law Mathews DipWSET
Seoul is the second most expensive city to buy a bottle of wine among the world’s top 10 most expensive cities, according to the 2018 Worldwide Cost of Living report released by the Economist Intelligence Unit.
A bottle of wine costs an average of USD27.02 in Seoul, second most expensive among the top 10 cities after Tel Aviv at USD28.77. Singapore came third at USD23.68, Sydney 4th at USD20.49 and Hong Kong 5th at USD16.16.
The report has revealed the most expensive cities in the world in 2018, and the average cost of a bottle of wine in the top 10 most expensive cities.
The report compares more than 50,000 individual prices across 160 products and services including categories like food, drink, clothing, household supplies, rent, transport and utility bills.
Singapore was ranked the most expensive city in the world, the fifth year running. In second place is Paris, followed by Zurich, Hong Kong, Oslo, Geneva, Seoul, Copenhagen, Tel Aviv and Sydney.
Prices for a bottle of wine are gathered from supermarkets, mid-priced stores and higher-priced speciality outlets to determine an average. They are then converted into a central currency (US dollars) using the prevailing exchange rate and weighted to achieve comparative prices.
People of Hong Kong pay substantially less for a bottle than people in Seoul and Singapore because of the city’s zero tariff on imported wines.
People in Geneva enjoy the lowest price for a bottle of wine among the 10 most expensive cities at USD8.37.
Paris came second at USD11.9, though the cost is still low compared to the other most costly cities, it is 15% pricier than a year ago.
(the writer can be contacted at: SLawMathews@thewinechronicle.com)
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