Today’s Melbourne Cup may be the highlight of the annual Spring Racing Carnival, but events and races begin in late September and last until November 26th.
New research from the Australian Retailers Association (ARA), in collaboration with Roy Morgan Research, reveals that 1.5 million Australians -1 in 10 – will attend a Spring Racing Carnival event trackside this year and a further 1.9 million will celebrate events away from the track in restaurants and bars.
Looking good is a major priority and consumers will spend up big on fashions, accessories, makeup and jewellery.
The average spend is expected to be $1076, says the ARA, and Aussies are tipped to fork out over $1.6 billion over the weeks-long blowout.
More than half of those surveyed – 52 per cent – said they are spending more or the same as they did last year. A new dress or suit tops the consumer purchase rankings (68%), followed by hat/fascinator (35%), shoes (31%) and jewellery (26%).
With Covid dampening Spring Racing Carnival celebrations over the past two years, Australians are returning to the track in huge numbers, said Paul Zahra, CEO of the ARA.
“Our forecasts show consumer spending associated with the Spring Racing Carnival will reach $1.6 billion this year. This is a highly anticipated event for fashion and accessory stores who have spent the past several weeks tailoring offers to horse racing lovers”.
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 per cent increase on last year – noted Zahra.
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