Journalists Wandering Eyes Posted Monday at 03:13 AM Journalists Share Posted Monday at 03:13 AM The 2024 Victorian Spring Racing Carnival has cemented its status as a powerhouse on Australia’s major events calendar, delivering a record $785.1 million economic boost to the state. A newly released economic impact study from IER Pty Ltd found the three-month Carnival delivered its highest gross economic benefit in a decade, as almost 600,000 racegoers flocked to tracks across Victoria. The surge in spending across accommodation, transport, fashion, food and hospitality reflected the breadth of the Carnival’s impact – from marquee events at Flemington, Caulfield and The Valley to 26 country cups in rural towns. “This economic study reinforces that Victoria’s Spring Racing Carnival is one of Australia’s largest major events attracting interstate and overseas visitors who invest in our state,” said Racing Victoria CEO Aaron Morrison. “It was great to see an increased number of younger people dressing up and enjoying the action.” Crowds were up 4% on 2023 and 17% on 2022, with more than 83,000 visitors travelling from interstate or overseas. These guests accounted for more than 320,000 visitor nights and helped drive a record $351.4 million in value-added impact – a 25.8% rise on pre-COVID levels. In a state where the racing industry contributes over $4.7 billion annually to the economy, the Carnival remains a vital economic engine. “These record results once again highlight the enormous contribution Victoria’s Spring Racing Carnival makes to the state’s economy,” said Minister for Racing Anthony Carbines. “The carnival brings visitors from all over Australia and the world, showing off our world-class racing events, fashion, food and more on an international stage.” The fashion and retail industries were also major beneficiaries, with over $60 million spent on fashion and grooming – including more than 80,000 dresses and 70,000 hats or fascinators sold during the Carnival. And for every dollar spent on course, another $1.12 was spent off-course in Victoria’s shops, hotels, restaurants and transport services – proving the impact of the Spring Racing Carnival is felt well beyond the track. From Melbourne to Manangatang, the figures paint a clear picture: racing continues to be big business for Victoria. Horse racing news View the full article Quote Link to comment Share on other sites More sharing options...
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