Consumers are expected to spend up to $1.6 billion dollars for the Spring Racing Carnival according to a snap survey by Australian Retailers Association (ARA) and Roy Morgan, with fashion and accessories reaping a sizeable market share.
In a snap SMS survey of 1,694 adult Australians, just over half (52%) plan to spend the same or more than last year for spring racing 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 (35%), a pair of shoes (31%) and jewellery (26%).
The research also found 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 away from the track.
Australians celebrating the Spring Racing Carnival will spend an average of $1,076 on themselves, totalling $1.6 billion.
ARA CEO Paul Zahra said the spring racing season is anticipated by retailers and hospitality businesses.
“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,” Zahra said.
“This is a highly anticipated event for fashion and accessory stores who’ve 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% increase on last year.”