Wednesday 1 February 2023
The City of Melbourne is empowering traders through the launch of a new seasonal economic activity guide that will provide localised data and insights to support business planning as the city sets a new pace.
The Melbourne Economy Snapshot will reveal where and when people are spending their time and money – including breakdowns for precincts and peak times such as the festive period.
The free tool will equip traders with new information about Melbourne’s economic activity so they can make informed decisions to boost their business – from opening hours and peak staffing periods to unique offerings and services.
The inaugural Snapshot, captured from October to December, highlights a range of key insights, including:
- A record $1.1 billion was spent across the city in December.
- Saturdays saw the highest levels of average pedestrian activity and average daily spend, joining Friday as the two busiest days of the week.
- Office occupancy data shows while some workers are embracing flexibility, the city is still humming during the day – with activity shifting to afternoon peaks instead of the morning rush hour.
The Snapshot will be updated quarterly, featuring localised pedestrian activity across weekdays and weekends, retail spending in key precincts during the day and at night, office occupancy data and seasonal trends.
Council will work with city businesses and industries to continue to refine the Snapshot to ensure it provides relevant insights to help traders take action and embrace emerging trends and behaviours.
To access the Melbourne Economy Snapshot, visit the City of Melbourne website.
Quotes attributable to Lord Mayor Sally Capp
“We’re arming business owners with the latest trends, data and insights to help them make informed decisions to adapt and grow.”
“We know our traders are eager to capitalise on the city’s new rhythm – so we’re helping them work smarter and boost their offerings to make the most of our new peak times.”
“Business owners can use the Snapshot to better understand when their target customers are frequenting the city and tweak their staff rosters, opening hours or specials in response.”
“As more workers make their way back to city offices after a well-deserved break, this tool will give businesses the power to make sure they’re adjusting effectively to the new pace of our city.”
Quote attributable to City Activation portfolio lead Councillor Roshena Campbell
“We want every business in Melbourne to thrive. City traders have told us these snapshots will help them do just that by allowing them to plan and invest with confidence.”
Quote attributable to Finance, Governance and Risk portfolio lead Councillor Philip Le Liu
“We’re analysing and opening up new data on top of our existing open data platform for traders, enabling them to make informed decisions to grow their business – adding to the vibrancy of our great city.”
Quotes attributable to Dame Melbourne co-founder and director Jackie Middleton
“The Snapshot is an invaluable tool for both long-term city traders and new entrants – it’s reassuring of the way we know our city works and also enlightening to its new patterns.”
“Hospitality people love to crystal-ball what their future week or month will hold for them. This Snapshot helps forecasting in a way we have never had access to before.”