It is predicted that Sweden will become the world’s first cashless society, and half of Swedish retailers are expected to stop accepting cash by 2025. UK Finance recently reported that almost seven out of ten people in the UK are using contactless payments, although debit cards remain the most frequent method of payment, making up 38% of all UK transactions in 2018. Almost half the world’s digital payments in 2017 were made in China, where consumers can pay for a wide variety of purchases through their smartphones using apps or QR codes.
The Global Parking Index report is based on Parkopedia’s own dataset, the most comprehensive and accurate parking database in the world, covering more than 50 million parking spaces across 6,500 cities in 75 countries;
New York, NY is the most expensive city in the world to park for 2 hours with an average cost of $30;
Australian drivers pay more than anyone else in the world for daily parking;
London, UK tops the list of most expensive cities for monthly parking.
London, May 19, 2017
The Global Parking Index report is based on Parkopedia’s own dataset, the most comprehensive and accurate parking database in the world, covering more than 50 million parking spaces across 6,500 cities in 75 countries; New York, NY is the most expensive city in the world to park for 2 hours with an average cost of $30; Australian drivers pay more than anyone else in the world for daily parking; London, UK tops the list of most expensive cities for monthly parking. These are just a few of the findings from Parkopedia's 2017 Global Parking Index which has been released today with the aim of providing an accurate global overview of the parking market. Other report highlights include:
Cost of parking for 2 hours Australian and US cities are the most expensive in the world for short-term parking with an average rate of USD $30 for 2 hours in New York and Sydney. At least half a dozen locations in central Sydney charge as high as USD $51 for 2 hours parking and 2 locations in New York charge $62 for 2 hours, the world’s highest short-term parking rate.
London, UK and Tokyo, Japan are the only non-Australian/American cities to appear in the top 10 list.
By contrast, Germany, Europe’s largest economy, has relatively cheap parking. Germany’s most expensive city is Munich which comes in at number 90 globally with an average parking cost of USD $5.69.
Daily cost of parking While Sydney and New York still feature at the top of the list of most expensive cities for daily parking, the rest of the list is more balanced with major European cities also appearing high in the list. This is due to American and Australian parking “front-loading” most of the parking cost into the first few hours of the stay, hence the world’s highest 2 hour parking rates, while drivers in other countries pay the same cost for every hour of their stay.
The world’s highest daily parking rate is being charged by a hotel in central Sydney at USD $111 per day. With the rooms going for USD $200 at the hotel, guests are paying more for their cars than their room per square foot.
A parking garage in New York that charges $62 for 2 hours, charges $86 per day making it America’s most expensive daily parking.
Monthly cost of parking London, New York and Zurich have the world’s most expensive long-term parking.
A parking garage in New York that charges $62 for 2 hours and $86 per day day, charges $2000 per month making it the world’s most expensive monthly parking. Despite New York being the most expensive city to park in the world, the USA still has plenty of cheaper parking. The average USA monthly rate is $133 which is just 20% of the monthly parking cost in New York.
In Europe, monthly parking in Germany costs USD $108 which is $1 cheaper than monthly parking in either Greece or Portugal.
Read the full report: Global Parking Index 2017