More than $51.9 million was spent on retail by Melbourne Cup attendees in Victoria last year, with fashion items accounting for $34.1 million.
The retail spend covered 232,870 fashion items including 37,855 hats or fascinators, 34,177 pairs of shoes, 31,578 dresses and 14,532 suits.
A study conducted by market research company IER found the Melbourne Cup Carnival contributed more than $3.6 billion in gross economic impact to Victoria in the past decade, nearly $1 billion more than the Australian Open reported for the same period.
IER found that there was $2,781 in gross economic impact per person who attended the 2022 Carnival, an increase of almost 10% on 2019.
The annual event has received growing criticism from animal welfare advocates in recent years, with consumer backlash against supporting sponsors.
Victoria Racing Club (VRC) Chairman Neil Wilson said the Melbourne Cup Carnival entered 2023 with strong economic impact and engagement figures.
“The economic stimulus provided by Cup Week stretches further than any other annual sporting event in Australia, with industries such as retail, accommodation, fashion, hospitality and entertainment the beneficiaries of Australia’s original major event, it retains its status as the biggest economic generator in Australian sport,” Wilson said