MELBOURNE’S Cup carnival impact is extending way beyond the racetracks. The economic benefit to the Victoria economy, driven through the spring carnival, value-added contribution to Victoria’s gross state product of $177.5 million, reports Racing Network.
That figure is up by 0.5 per cent on the previous year and quantifies the money spent through Victorian businesses by interstate and international visitors who were in Victroai specifically to attend the Melbourne Cup carnival at Flemington.
A study undertaken by independent research consultants IER found the 2013 Melbourne Cup carnival was responsible for:
GROSS economic benefit of $364.5 million to the Victorian economy
ATTRACTING 56,424 event motivated visitors to Victoria, with 48,665 travelling specifically and 7,759 extending their stays to attend the event
ACCOMMODATION spend of $25.6 million in Victoria over nearly 176,000 bed-nights
RETAIL spending of $53.1 million with $23.8 million contributed by event motivated visitors
RACEGOERS spending $31.4 million - or $171.88 per racegoer - in Victoria on fashion items specifically to wear to the Carnival
INCLUDED among that breakdown of items there was the purchase of more than 62,000 hats and fascinators, 60,000 pairs of shoes, 50,000 dresses, 30,000 items of jewellery, 27,000 ties, 21,000 handbags, 18,000 suits, 17,000 items of underwear, 14,000 shirts, 11,000 pairs of sunglasses and 13,000 pairs of socks and pantihose.