Melbourne Economy Snapshot

​Key insights include:

• Melbourne’s CBD Shopping Precinct is the number one choice for international and domestic overnight visitors - racing ahead of Victoria’s many other popular hotspots.
• Our much-loved Queen Victoria Market is also a popular drawcard, taking out second spot for international visitors.
• With Melbourne being the hottest spot for shopping in the state, more and more people are setting up business here. The Business Concierge service, the largest of its kind in the country, has engaged with tens of thousands of clients, contributing millions to the local economy.
• Our Neighbourhood Spend Trends demonstrate the impressive impact Melbourne’s thriving retail industry has on our four biggest shopping destinations.

​Key insights include:

• Melbourne is the number one city for the most interstate spend and visitors in Australia.
• Millennials are the biggest spenders in our thriving city.
• Visitors aged over 65 are on the rise and spending more per transaction. 
• Our Neighbourhood Spend Trends show the positive impact of our many visitors, exploring four bustling neighbourhoods that make up nearly 70 per cent of the city’s spend.

​Key insights include:

• Twilight trade between 5pm and 10pm is thriving.
• The Winter Night Market is flourishing and the surrounding precinct is the busiest it’s ever been.
• The Queen Victoria Market is going from strength to strength. Activity has increased across the week, with Saturday now the busiest day.
• Our Neighbourhood Spend Trends show the positive impact of twilight trade in the city’s north and the Queen Victoria Market precinct, where retail spend is rising outside work hours.

​Key insights include:

• Melbourne has the lowest CBD retail vacancy rate in the country. Over the past two years, shopfront vacancy rates across the city have nearly halved.
• Monday commuter traffic at Flinders Street Station and spending on dining in the CBD East have skyrocketed.
• Retail and hospitality industries are thriving with total employment increasing by 6 per cent compared to the last year.
• ​Our new Neighbourhood Spend Trends provide unique insights into your area so you can work smarter and boost your business.​

Key insights include: ​​​

• Latest highlights from our Economic Development Strategy 2031​ show the economy is up by almost five per cent to $114 billion, jobs are on the rise and shopfront vacancies more than halved. 
• Melbourne continues to attract major drawcard events boosting night-time activity and spending across the city.
• Docklands beat records during the 2023 festive period with spending and pedestrian activity at its highest since 2018.
• AFL fans increase spending in Docklands by up to 30 per cent on game days.

​Key insights include:

• International travellers are flocking to the city and visitor spend is increasing significantly.
• More people are calling our city home - spending, working and investing in the local economy.
• Our city's capacity as a smart place to do business continues to grow as the knowledge economy thrives.
• Dog registrations have increased by 81 per cent, presenting opportunities to engage in the lucrative pet-care industry.

Key insights include:​

• More Melbourne businesses are choosing to enhance their retail and hospitality offerings, with permit approvals for businesses upgrades nearly doubling in the past year and trending towards pre-pandemic levels.​
• Our tourism sector is thriving, with more than 10,000 additional hotel rooms compared to 2019. ​
• The city is the place to be in winter – day and night – with visitor activity increasing leading up to and during night-time events including the QVM Winter Night Market and RISING.
• Spending in the city continues to grow – led by the tourism and entertainment sectors. Some parts of the economy have been slower to recover, including personal services such as hairdressers and beauty businesses.

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​Key insights include:

• Tuesday, Wednesday and Thursday are the busiest days for commuters.  
• Students are returning, thriving and spending. Their return has coincided with an increase in spending across the city. 
• ​Businesses are responding to changing trends by tweaking their operating days, with more now open over the weekend. 
• Our night-time economy continues to go from strength to strength, supported by major events such as concerts, Moomba and the Grand Prix. ​

​Key insights include: 

• A record $1.1 billion was spent across the city in December.  
• Friday and Saturday are now our busiest days. 
• Weekday spending is as strong as pre-pandemic.  
• ​Our night-time economy continues to flourish.