Preparing for a day at the Melbourne Cup Carnival often starts well before the first race.
Like the famous 3200-metre spectacle itself, getting race-day ready isn’t a sprint.
There might be a hotel room to book, a trip to the shops in search of the perfect outfit, or a last-minute phone call to your hairdresser pleading for an appointment. For visitors travelling from interstate, there's also flights, accommodation and transport to consider.
Multiply those decisions by hundreds of thousands of racegoers and it becomes clear why one of Australia's most iconic events delivers an economic boost that extends far beyond the gates of Flemington.
According to ANZ analysis, customer spending is forecast to reach $3.44 billion nationally and $824 million in Victoria during the eight-day 2026 Melbourne Cup Carnival period, highlighting the role major events can play in supporting hospitality, tourism, retail and transport businesses.
Last year alone, ANZ customers spent $3.27 billion nationally during the Carnival period, including $793 million with Victorian merchants. Interstate visitors accounted for $264 million of that spending, helping drive demand for hotels, restaurants, bars and transport operators across the state.
More than 71,000 interstate and international visitors travelled to Victoria specifically to attend the 2025 Melbourne Cup Carnival, according to the Victoria Racing Club.
"Those visitors stay in hotels, dine in restaurants, shop in retail precincts, use transport and explore attractions across Melbourne and regional Victoria, creating benefits that flow throughout the broader economy," says VRC Chief Executive Officer Kylie Rogers.
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The impact can be seen in the spending data.
On Melbourne Cup Day in 2025, spending at Victorian bars and hotels jumped 78 per cent compared with a typical Tuesday, while spending at cafes and restaurants increased almost 23 per cent and beauty services rose 29 per cent.
The public holiday effect wasn't limited to racegoers, with spending at Victorian cinemas climbing 68 per cent.
Across the broader Carnival period, spending remained elevated at bars and hotels, taxis, and cafes and restaurants, underscoring the event's importance to Victoria's visitor economy.
"As a longstanding partner of the VRC, ANZ is proud to support one of Australia's most recognised sporting and cultural events," says Simone Tilley, Head of Corporate, Institutional at ANZ.
"The Carnival continues to create opportunities for businesses, attract visitors to Victoria, and contribute to the energy that makes Melbourne such a special place."
Alicia Muling is a Senior Journalist at ANZ