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2011 Melbourne Cup Economic Impact Study
In associated news, an economic impact study of the Melbourne Cup Carnival on Victoria's economy released by the VRC has revealed it continues to be a significant driver, particularly across the key sectors of fashion, retail, hospitality and tourism, all feeling the effects of a high Australian dollar and a difficult trading environment. The IER Pty Ltd study revealed that the four day 2011 Melbourne Cup Carnival:
- Generated a value added contribution to Victoria's gross state product of more than $164.5 million.
- Victorian businesses benefited from the $349.1 million in financial stimulus (gross economic benefit).
- National economic output generated by associated carnival spending reached more than $746.1 million.
- Fashion spending rose from $26 million in 2010 to $28.5 million in 2011.
- 125,833 out of state visitors attended generating $26.1 million on associated commercial accommodation.
- 95.9% of all metropolitan in-home televisions tuned in to watch the Melbourne Cup at 3pm.