The four days of the Victoria Racing Club’s (VRC) 2018 Melbourne Cup Carnival have delivered a record economic contribution to Victoria, as revealed in the annual economic impact study.
The major event produced a record $447.6 million in gross economic benefit to the state last year – a boost of almost 20% since 2014 – highlighting the significance of the event to all Australians.
VRC Chairman Amanda Elliott said, “Cup Week has a positive economic impact on Victoria that is unrivalled by other any other sporting event in the nation.
“The Melbourne Cup Carnival is a resounding success story. The four days of Cup Week are the four most attended racedays in Australia, as well as being a major draw card for interstate and international visitors.
“The business of Cup Week sees a sizable dollar amount filter right through the economy to sectors such as tourism, retail and fashion, hospitality and accommodation, with many jobs created and supported state-wide.
“The VRC funds the Melbourne Cup Carnival at a cost of $55 million annually and the Club strives to ensure that every Cup Week is better than the previous one,” Mrs Elliott said.
Each year, the VRC assigns an independent body to analyse the performance of the Melbourne Cup Carnival.
Data compiled by IER found the 2018 Melbourne Cup Carnival was also responsible for:
• Attendance by 73,781 out-of-state individuals; including 66,591 event motivated attendees
• 34.3% of attendances were from out-of-state, with 20,308 coming from overseas.
• Overseas visitors coming from 31 countries, up from 29 in 2017.
• Growth in the number of visitors from North America (up 22%), Asia (up 7%), and the UK (up 6%)
• $31.3 million in commercial accommodation spending in Victoria over 251,362 bed nights.
• In conjunction with P&O Cruises and Carnival Australia, 7,843 cruise ship passengers attended the Carnival, contributing just over $10 million in value added impact
• $62.9 million in retail spending (including fashion and grooming) in Victoria (up 10.4% on 2017)
• $35.4 million in spending on 357,928 individual fashion items (up 9.5%), including 54,821 pairs of shoes, 49,559 dresses, 19,089 suits and 55,433 hats and fascinators
• $29.26 million in spending on meals, food and beverages; and $45.26 million on wagering.
The 2018 Melbourne Cup Carnival was also responsible for:
• The employment of more than 21,000 staff and contractors working for more than 800 companies at Flemington in the lead-up and during the event
• Attracting 20 international horses, including nine from Ireland and nine from the UK.
2018 Lexus Melbourne Cup statistics of note:
• Broadcast into 163 territories worldwide
• Live streamed to a global audience on Twitter for the third year, reaching 2.4 million global total unique viewers (up 50% on 2017)
• #MelbourneCup Twitter hashtag reached number one in seven countries
The 2019 Melbourne Cup Carnival commences with AAMI Victoria Derby Day on Saturday 2 November, followed by Lexus Melbourne Cup Day on Tuesday 5 November, Kennedy Oaks Day on Thursday 7 November and Seppelt Wines Stakes Day on Saturday 9 November.
Melbourne Cup, picture VRC