MELBOURNE Cup Day resulted in a welcome spike for retail and hospitality across Victoria, as restrictions eased and people decided to look and feel their best for the race that stops the nation.
Aspire Jewellery owner Debbie Martin said before the Cup there had been more foot traffic into the store from tourists.
“There have certainly been more out-of-towners around, which is fantastic to see,” Ms Martin said.
“Sales are on par with last year and with Christmas just around the corner, it is looking positive.”
Data released from the Commonwealth Bank revealed spending at jewellery stores across the state increased 680 per cent last Monday, compared to the Monday prior.
Clothing retailers recorded a 627 per cent profit, and accessory stores were up 438 per cent.
As expected, bars and pubs also recorded healthy profit margins in Victoria, with sales increasing by 225 per cent.
Restaurants were up 196 per cent.
Commonwealth Bank’s Victorian general manager small business sales service, Sara Sutton, said it was pleasing to see Victorians spending money at businesses both at home and away.
“It is clear the state has well and truly emerged from lockdown,” Ms Sutton said.
“Victorians are happy to get back out in the community, celebrate their freedom and enjoy some well-deserved spending at both big and small businesses across the state.”
