Victorian Spring Racing Carnival among top economic drivers in Australia

The Spring Racing Carnival (SRC) has underlined its continued importance to Victorians with the 2024 event delivering record economic benefits for the state.

An economic impact study by IER Pty Ltd has found that the 2024 SRC contributed gross economic benefit of $785.1 million to the Victorian economy – the highest in 10 years of analysis.

Victorian businesses benefited from racegoers spending on accommodation, transport, fashion purchases, food and beverages, all of which contributed significantly to the economic boost.

In 2024, the SRC solidified its status as one of Australia’s largest major events with the nation’s four highest attended race meetings and just shy of 600,000 in total attendances.

Unlike many other major events, the benefits of the SRC are spread across all of Victoria with 26 country cups showcased alongside headline events at Flemington, Caulfield and The Valley.

From Melbourne to Manangatang, an array of Victorian communities and businesses shared in the entertainment and economic injection with SRC crowds up 4% on 2023 and 17% on 2022.

More than 83,000 in-scope visitors travelled from interstate and overseas for the SRC and they were central to a significant increase in the value-added impact of the SRC to Victoria which rose to a record $351.4 million – some 25.8% higher than a pre-COVID study in 2019.

Importantly, spending was felt throughout the Victorian community with the study finding that for every dollar spent on course during the SRC, a further $1.12 was spent away from racecourses on items such as accommodation, entertainment, transport, retail and restaurants.

Interstate and overseas visitors to the 2024 SRC stayed more than 320,000 nights in Victoria, further emphasising the importance of the SRC to the state’s major events calendar.

The SRC also continued to be a key pillar for the Victorian fashion and retail sector, with more than $60 million spent on fashion and grooming for the 2024 SRC.

The IER study found that over 490,000 fashion purchases were made by racegoers during the SRC, including more than 80,000 dresses, over 70,000 hats and fascinators, and 30,000 ties.

The SRC economic impact study, commissioned by RV and supported by the Victorian Government, analyses the three-month event which ran from 31 August to 1 December 2024.

It builds upon previous research conducted in 2015, 2017 and 2019, using the same economic impact methodology of factual and sample driven data to understand the SRC’s contribution to the economy.

The 2024 SRC economic impact study follows February’s release of a separate IER Pty Ltd study which found that the four-day Melbourne Cup Carnival at Flemington generated more than $502.4 million for the Victorian economy and $1.02 billion across all Australian economies.

With crowds up 9% across the 2024 Melbourne Cup Carnival, that report also noted that 45% of general admission ticket holders were aged under 35.

Click here to view 2024 Spring Racing Carnival Economic Impact Study Highlights

Quotes attributable to RV Chief Executive, Aaron Morrison

“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.

“The Spring Racing Carnival is an amazing social and cultural experience for Victorians and visitors alike to enjoy in all corners of the state as they did in great numbers in 2024.

“Crowds were up for the 2024 Spring Racing Carnival with just shy of 600,000 attendees and it was great to see an increased number of younger people dressing up and enjoying the action.

“Importantly for communities and businesses, these racegoers gathered at events right across Victoria and invested significantly in accommodation, transport, hospitality and fashion.”

Quotes attributable to the Minister for Racing, Hon. Anthony Carbines MP

“These record results once again highlight the enormous contribution Victoria's Spring Racing Carnival makes to the state's economy.

“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.

“We will always back the racing industry which generates more than $4.7 billion for the Victorian economy and helps sustain nearly 35,000 full-time equivalent jobs.”

Background Information

The following is a snapshot of key numbers for the 2024 SRC referenced within this release:

•    Total Attendances – 596,889
•    Interstate Visitors (Individuals) – 71,870
•    Overseas Visitors (Individuals) – 11,239
•    Average No. of Meetings Attended – 1.7
•    Total Visitor Nights – 320,895