LYTE BYTE: The Melbourne Cup actually does stop the nationNovember 7th, 2017 | | Events
The Melbourne Cup, a public holiday in Victoria, actually does “stop the nation” – Australia’s spending data during the race dives 33 per cent according to CommBank. In the hours leading up to the big race, Aussies spend, tap transfer, get cash out, but for the six minutes between the start of the race and when the winner is announced money in Australia simply stops moving.
Commonwealth Bank transaction data shows a clear increase in activity (with a litte betting to help no doubt) throughout the morning to around midday, followed by a sharp fall as the gates open on Australia’s most prestigious horse race at 3pm. And once the race is over, we’re back spending, but nowhere near what we were just 30 minutes before.
Angus Gilfillan, NAB executive general manager of consumer lending, confirmed the trend. “Aussies love a celebration and that’s really reflected in the way we see customers using their cards and money in the first week of November,” he said.
“We’re expecting there to be a frenzy of activity in the days and hours leading up to the Cup, as customers spend up at retailers and on hospitality, which is in stark contrast to an average week day.”
Punters appear keen to have some cash in their pocket, despite a growing reliance on online banking, with the volume of cash withdrawals in the two days before the Melbourne Cup around 20 per cent greater than the average October Monday and Tuesday.
Bank apps, meanwhile, are barely touched during the race – NAB reports a 50 per cent drop in log ins for the 15 minute period.
(Image source: Commonwealth Bank, Graphics Credit: Ying Z. Wang)
Story source: Queensland Country Life