The city recently released an economic snapshot showing that the first quarter of this financial year (July to September 2024) saw 41,000 international visitors and 780,000 domestic visitors stay overnight in Melbourne’s CBD.
And just in the CBD’s east visitors to the state spent 91 per cent of their money in the city, about ten times more than residents spent – $946 million in the quarter to December 2024, against $95 million spent by locals. It emphasises how dependent Melbourne is on the visitor economy to sustain hotels, restaurants, shops, experiences and events.
Lord Mayor Nick Reece suggested the CBD shopping precinct was a major target for visitors keen to explore Melbourne’s fashion, food and culture.
Of course, for US and European visitors there’s the bonus of the low Aussie dollar, currently hovering at an exchange rate giving foreign visitors added impetus to spend here.
The snapshot also revealed an increase in new businesses opening in the city which has 44,709 businesses currently operating, up 2.5 per cent on 2023.
The council operates a business concierge service which aims to cut the red tape typically associated with establishing a new business.
So far it has helped 187 new businesses, creating 645 full time jobs and contributed $63 million to its visitor economy.
