Record-breaking AO crowds provide significant boost for inner-Melbourne businesses
Consumer spending across the city rose 16% year-on-year during the tournament
More than $333 million spent at variety of Melbourne hostelries throughout AO 2024
Record-breaking Australian Open crowds have poured more than $480 million into Melbourne’s economy, new NAB figures show.
NAB transaction data* reveals consumer spending increased across Melbourne by 16% compared to last year’s tournament, with an estimated $482 million injected into the city’s accommodation, hospitality, and tourism sectors throughout AO 2024.
The data, provided by Australia’s largest business bank, revealed Melbourne’s bars, restaurants and fast-food outlets were the biggest winners during the tournament, accounting for nearly 70% of the retail spend, which was more than $333 million.
NAB Executive for Small Business, Ana Marinkovic said the 2024 Australian Open had been a spectacular success for Melbourne and once again underlined its importance to the economic wellbeing of the city, and the state.
“Not only did spectators smash attendance records this year, they also smashed last year’s economic return,” Ms Marinkovic said.
“While there’s no doubt businesses and consumers have had a difficult last 12 months or so, it’s clear people are continuing to carefully consider and prioritise spending on the things that are important to them – such as a summer night at the tennis.
“With more than one million fans having flocked through the gates of Melbourne Park, it’s fantastic to see the Australian Open continue to boom in popularity and economic importance for Melbourne’s small businesses, and the wider Victorian economy.”
Established in 2010, Axil Coffee Roasters has since grown to become a leading destination for specialty coffee in Melbourne.
Melbourne-based Axil Coffee Roasters owner and founder David Makin said the Australian Open had brought people back to Melbourne CBD and its surrounds in significant numbers since it kicked off in mid-January.
“With 19 locations across Melbourne, we’re well placed to evaluate the economic impact an event such as the Australian Open has on our city and this year, I think it’s fair to say, it’s been significant,” Mr Makin said.
“Our cafes have been absolutely buzzing throughout the month of January in what has been one of our busiest periods on record.
“Thanks in no small part to the tennis at Melbourne Park, we’ve slung thousands of coffees, breakfasts, brunches and lunches to patrons keen to soak up the unique summer vibe Melbourne has to offer. It’s been a great start to summer, and we look forward to more of the same over the coming weeks.”
