Figures from leading retail management software provider Vend shows that Aussie race-goers will be splashing the cash on new hairdos, as well as fashion, in the lead up to Cup Day this year.
Vend’s data has found that last year retail spending in the week leading up to Cup Day jumped across the country by 6 per cent compared to the October average.
And while it was fashion and apparel stores that had the biggest spending increase of 8 per cent, salons and barbershops also saw spending increase by 4 per cent in that one week, followed by speciality food and drinks stores and florists both with a 3 per cent increase.
It’s also predicted that Adelaide, not Melbourne, will be most fashionable city for Cup Day as shoppers in Adelaide spent 11 per cent more than the October average in the week prior to the Cup last year.
Spending also jumped in Melbourne by 7 per cent, Sydney (6 per cent), and Perth (4 per cent).
While Brisbane stores had a 13 per cent drop leading up to the Melbourne Cup.
This year, retail spending figures for the past week have already leapt ahead, up 17 per cent 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: “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 three per cent lower than it was last year.
“But even a six per cent 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.”