Fast food spend to surge during Australian Open
Fast food spending reached a top of $92k in 2024.
Consumer spending on restaurants, bars, fast food, travel and accommodation in Melbourne’s events precinct is likely to see a significant increase during the period of the Australian Open, according to ANZ.
Analysing customer data from last year, customer spending rose in suburbs close to Melbourne Park, with Melbourne’s CBD, Richmond, East Melbourne, St Kilda, Docklands, Southbank, Fitzroy and Collingwood.
ANZ’s data revealed that overall spending on food and drink peaked at $1.16m during the 2024 Australian Open period, a marked increase from the 2024 weekly median of $592k. Fast food spending reached a top of $92k, rising above the median weekly spend in 2024 of $61k. Meanwhile, spending on bars and clubs rose to $308k up from the median 2024 weekly spend of $158k.
“Spending data suggests that in recent years, even in times where higher cost of living has tightened household budgets, one-off events can cause a spike in discretionary spending. Local businesses are likely to benefit from the prominence and one-off nature of major events, as tourism spending expands from the event itself to related discretionary goods and services,” Adelaide Timbrell, ANZ Senior Economist said.
