Figures from retail management software provider Vend shows that Aussie race-goers will be spending more on fashion in the lead up to Melbourne Cup this year.
Vend's data has found that last year retail spending in the week leading up to the event jumped across the country by 6% compared to the October average.
Fashion and apparel stores saw the biggest spending increase at 8% in the one week.
It is also predicted that Adelaide, not Melbourne, will be most fashionable city for Cup Day as shoppers in Adelaide spent 11% more than the October average in the week prior to it last year.
Spending also jumped in Melbourne by 7%, Sydney 6% and Perth 4%, while Brisbane stores had a 13% drop leading up to it.
This year, retail spending figures for the past week have already leapt ahead, up to 17% compared to the rest of October.
However, Vend cautions that this large jump is partly to do with a slower than usual October, and it will be retail sales in the coming week that show the true impact of the Melbourne Cup on spending.
Vend country manager for APAC Dave Scheine said he is confident that the lead up to Melbourne Cup will be a winning week for retailers.
“We're confident spending will continue to lengthen its stride over the next week, but overall it's likely to be neck and neck with 2017.
“Currently, the average sales value over the past week is actually 3% lower than it was last year.
“But even a 6% boost in one week like we saw last year is still a real win for retailers – and probably a far better return than most of us will see on our Melbourne Cup bets on Tuesday.”