Harry Styles, Ed Sheeran and Snoop Dogg aren’t helping the Reserve Bank’s efforts to make Australians curb their spending.
The trio of international acts’ recent Melbourne shows delivered the city an estimated $21.3 million spend according to business data from the National Australia Bank – and that’s without including the price of tickets.
Sheeran’s two shows in front of record-breaking crowds at the MCG boosted accommodation spending in the precinct by 37 per cent and fast food spending by a similar amount, while restaurants and bars were up 22 per cent.
Together with Snoop Dogg at Rod Laver Arena, the stadium shows brought about $13.6 million to the MCG’s surrounds – an 83 per cent increase on the same time last year.
Styles didn’t just bring sequinned jumpsuits to the Victorian capital in February – he lifted consumer spending by an estimated 14 per cent, with an extra $7.7 million spent compared to the previous week.
Businesses across the city have been doing it tough in recent times and the shows have brought a fantastic buzz with them, NAB’s Julie Rynski said.
“Many businesses in our cities rely on entertainment and events to draw crowds into the city who then also spend at restaurants, bars and pubs,” she said.
“The halo effect is significant.”
Crowd tracking data around Sheeran’s concerts showed a massive increase in city foot traffic for his Friday show – up 469 per cent on the previous week.
The owner of stalwart Richmond venue the Corner Hotel said events in the sporting precinct brought a massive spike in trade as punters stayed out late and made a night of it.
“This means dinner before a gig or a drink after the game,” Mathew Everett said.
“The vibe is positive. International artists are back and everyone’s excited to get out and see them again.”
Styles’ concert delivered accommodation spending a 19 per cent lift on the previous week, with dollars shelled out on fast food, restaurants and pubs up about 10 per cent.
NAB’s estimates are based on spending data from business terminals from February 24-26 and March 2-5.
– AAP
