The 2016 Melbourne Cup Carnival economic impact study has revealed the event's contribution to footwear spending.
The racing gala contributed $44.3 million in fashion and retail spending in Victoria, up 6% on 2015.
This spanned the purchase of 295,397 individual fashion items including 49,067 pairs of shoes.
Overall, the Carnival contributed a record $427.1 million in gross economic benefit to the state last year.
This is a 10.1% increase on 2015 and a 16.6% boost since 2012.
Victoria Racing Club chairman Amanda Elliott said the Melbourne Cup Carnival has a positive economic impact on Victoria that is unrivalled by other Victorian sporting events.
“The four days of the Melbourne Cup Carnival are the four most attended anywhere in Australia, with the event providing an economic benefit to Victoria of more than $425 million.
“Such a sizable economic benefit filters right through the economy, and especially to sectors such as tourism, retail and fashion, hospitality and accommodation, supporting jobs across the state.”
Each year, the VRC assigns independent body IER to analyse the performance of the Melbourne Cup Carnival.