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Mercer's Cost of Living survey sheds light on the comparative costs and living standards across different cities around the world.
Curious to learn about the outcomes of Mercer's 2023 Cost of Living survey? This survey assesses the relative cost of over 200 items in each location, encompassing housing, transportation, food, clothing, household goods, and entertainment. Let's explore the report.
Mercer's 2023 Cost of Living survey encompasses a total of 227 cities across five continents, including major cities worldwide as well as prominent cities in India such as Delhi, Hyderabad, and Mumbai. Based on the rankings, Mumbai secured the 147th position in the global ranking, followed by New Delhi at 169, Chennai at 184, Bengaluru at 189, Hyderabad at 202, Kolkata at 211, and Pune at 213.
Mumbai emerged as the most expensive city in India, making it a top choice for expatriates. Kolkata, on the other hand, was recognized as the most affordable city. Reports suggest that while Mumbai offers pricey expatriate housing options, Kolkata provides more economical alternatives. Chennai, Hyderabad, Kolkata, and Pune offer housing costs approximately 50% lower than those in Mumbai.
The global ranking of Indian cities is influenced by various factors, including currency volatility and inflation in prices of goods and services in other regions like Europe, as stated by the Mercer Group's India mobility leader. Consequently, people tend to relocate from one city to another.
Living Cost in Mumbai:
Mumbai, a bustling metropolis in India, offers a vibrant lifestyle, but it comes with a price. With high housing and rental costs, transportation expenses, and varying food and utility prices, the cost of living in Mumbai can be demanding.
Careful budgeting is essential for residents and newcomers alike. Taking into account the location of the rented property, the average monthly cost of living in Mumbai for working couples ranges from Rs 30,000 to Rs 60,000.
Living Cost in Kolkata:
Kolkata, the cultural capital of India, offers a relatively lower cost of living compared to other major cities. Affordable housing, inexpensive transportation, and reasonably priced food and groceries make Kolkata an attractive place to live.
Residents can enjoy a comfortable lifestyle without breaking the bank. Taking into account all aspects, the average living expenses for working couples in Kolkata would amount to approximately Rs 25,000 to Rs 40,000.
Looking beyond India, the report highlights Hong Kong, Singapore, and Zurich as the most expensive cities for international workers globally this year. Conversely, the ranking includes Havana, Karachi, and Islamabad as the least expensive places.
