After being named the most livable city in the world last year, new research has found that Melbourne saw $2.4billion on food and shopping over 2013/14. As the entertainment and lifestyle industries continue to grow in the city, the boost to the local economy is evident.
Lord mayor Robert Doyle said these sectors were a major part of the city's high livability ranking pointed out late last year, and is expected to continue well into the future.
"In 2013 we adopted our second retail and hospitality strategy to help guide and promote further growth in these sectors and this year one report shows that those efforts are paying off with city workers, students, residents and visitors spending $2.4billion in 2013-14," said Mr Doyle in a 11 March statement.
The research is expected to open new opportunities for businesses in the future, which could be wonderful news for investors looking into real estate in Brunswick.
Melbourne's Retail and Hospitality Strategy 2013-2017 aims to create chances for people across the city to take advantage of local markets for their own business plans, and with the economic results clearly paying off, the growth of employment opportunities could do wonders for the local property market.