The race that stops that nation is just a few days away and according to new research, consumer spending on the Spring Racing Carnival will reach $1.6 billion this year!
Obviously, people would invest in a new fashion, and accessories and attend events trackside and in hospitality venues.
The research from the Australian Retailers Association (ARA) in collaboration with Roy Morgan shows that over 1.5 million people plan to attend a Spring Racing Carnival event trackside this year, with over 1.9 million Australians to attend events, not on the track, such as in restaurants or other hospitality venues.
ARA CEO Paul Zahra said, "the Spring Racing Carnival and Melbourne Cup in particular are highly anticipated events for fashion retailers and hospitality businesses as people get dolled up for events on and off the track."
He further commented:
"With Covid dampening Spring Racing Carnival celebrations the past two years, Australians are returning to the track in huge numbers and hospitality businesses are also set for a roaring trade on Tuesday with most venues hosting Melbourne Cup-themed events.
Our forecasts show consumer spending associated with the Spring Racing Carnival will reach $1.6 billion this year as consumers purchase new suits, dresses, and accessories.
This is a highly anticipated event for fashion and accessory stores who’ve spent the past several weeks tailoring offers to horse racing lovers.
It’s a busy time of year with key retail events all happening at once – the Melbourne Cup and Halloween, while retailers will soon begin their campaigns for the Black Friday sales before turning all of their attention to Christmas.
While Australians are being challenged by the rising cost of living, consumer spending is set to remain strong over the festive season with our Roy Morgan forecasts showing nearly $64 billion will be spent in the final six weeks before Christmas – a 3% increase on last year.”
Other findings in the research include:
- Almost one in 10 Australians plan on attending a Spring Racing Carnival event on the track, representing over 1.5 million people
- People celebrating the Spring Racing Carnival will spend an average amount of $1,076 on themselves, totalling $1.6 billion in spending
- Just over half (52%) of people say they’re spending the same or more than they did last year on their Spring Racing Carnival celebrations
- A new dress or suit is the most common consumer purchase (mentioned by 68% of people planning to attend a Spring Racing Carnival event), followed by a hat/fascinator (mentioned by 35% of people, a pair of shoes (mentioned by 31% of people) and jewellery (mentioned by 26% of people).
