AUSTRALIA | Demand for fast food soared during the recent Australian Open in Melbourne, impacting the wider sector.
Consumer spending on restaurants, bars, fast food, travel and accommodation in Melbourne’s events precinct is likely to see a significant increase during the period of the Australian Open, according to an analysis of ANZ customer data.
During the 2024 Australian Open, customer spending rose in the suburbs close to Melbourne Park, with Melbourne’s CBD, Richmond, East Melbourne, St Kilda, Docklands, Southbank, Fitzroy and Collingwood enjoying a level of centrecourt advantage.
Overall spending on food and drink peaked at AUD $1,165,000 during the 2024 Australian Open period, a marked increase from the 2024 weekly median of $592,000. Fast food spending reached a top of $92,000, rising above the median weekly spend in 2024 of $61,000. Spending on bars and clubs rose to $308,000, up from the median 2024 weekly spend of $158,000.
ANZ Senior Economist Adelaide Timbrell said major events can have wider benefits.
“Spending data suggests that in recent years, even in times where higher cost of living has tightened household budgets, one-off events can cause a spike in discretionary spending.”
“Local businesses are likely to benefit from the prominence and one-off nature of major events, as tourism spending expands from the event itself to related discretionary goods and services,” said Timbrell.
Tournament Director, Craig Tiley said as one of the world’s premier sporting events, the impact of the Australian Open goes far beyond what happens on the court.
“We’re proud of the boost the Australian Open provides to local industries and small businesses, especially in the tourism, hospitality and retail sectors,” said Tiley.
“The support domestic and international fans give not only to the stars on the court, but also to the local Melbourne and Victorian economy, is central to the Australian Open’s ongoing success.”
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