Record Economic Benefit From Melbourne Cup Carnival
The Victoria Racing Club has revealed an increase of the economic impact from the 2017 Melbourne Cup Carnival on Victoria's economy.
The carnival's gross economic benefit was measured as a record $444.5million, up 4.1 per cent year-on-year, and up 22 per cent from 2013.
'Value-added contribution', that is money pumped into the economy from interstate/overseas, was $225.8m, up 4.4 per cent year-on-year.
VRC chairman Amanda Elliott hailed the wider impact the four days of racing at Flemington has on the wider community.
"This is Australia's original major event and the Carnival has a positive economic impact on the state that is unrivaled by any other sporting event in the nation," Elliott said.
"The four days of the Melbourne Cup Carnival are the four most attended racedays in Australia, with the event providing an economic benefit to Victoria of more than $444 million.
"Such a sizable dollar amount filters right through the economy to sectors such as tourism, retail and fashion, hospitality and accommodation. Many jobs are created and supported state-wide through the business of Cup week."
The VRC released the following statistics in regards to a breakdown of the 2017 Melbourne Cup Carnival data compiled by business management consultants IER.
Attracting 16 international horses, including seven from Ireland, four from the UK, and two from Germany.
"A 2.1% increase in the number of out-of-state individuals (82,200) attending the Melbourne Cup Carnival; including 72,202 event motivated attendees (up 11% on 2016)" |
"Growth in the number of visitors from Asia (up 60.8%), North America (up 95.3%) and Europe (up 11.7%)" |
"$39.4 million in commercial accommodation spending in Victoria (up from $38.3 million in 2016) over 269,050 bed nights (up 14.9% on 2016)" |
"In conjunction with P&O Cruises and Carnival Australia, cruise ship passengers attending the Carnival increased from 7,971 in 2016 to 8,720 in 2017, contributing nearly $11 million in value added impact" |
$56.9 million in retail spending (including fashion and grooming) in Victoria (up 2% on 2016) |
"The purchase of 326,864 individual fashion items including 50,664 pairs of shoes, 48,585 dresses, 15,474 suits and 55,739 hats and fascinators" |
"$27.1 million in spending on meals, food and beverages, and $44.8 million on wagering." |
By Ritesh Jamkhedkar - ritesh.jamkhedkar@secretariatsworld.com