Experts point to social and animal harms and the cost-of-living crisis – and say for younger generations, the cup is ‘just not cool anymore’
Prof Lisa Farrell, an economics and marketing expert at RMIT University, says companies are playing it politically safe when it comes to the Melbourne Cup.Prof Lisa Farrell, an economics and marketing expert at RMIT University, says companies are playing it politically safe when it comes to the Melbourne Cup.to sponsor Fashions on the Field. But this year, the department store pulled the pin.
This included a major bank that appeased division of views among staff by running both a Nup to the Cup event and airing the race in two separate rooms. The bank declined to comment to Guardian Australia. “We remain committed to delivering exceptional customer experiences and supporting initiatives that resonate and add value to our customers, our stores, our online offer and our brand.”
Other major sponsors have also pulled away. In 2020, insurance giant AAMI decided to not renew its sponsorship with the Victorian Racing Club, saying it was part of a business strategy to grow the AAMI brand nationally. The next year, the AAMI Derby Day became the Penfolds Derby Day after the winemaker signed on as the major sponsor.
“When you look at the viewing figures and then at the long held title of ‘the race that stops a nation’ you’d have to think it certainly isn’t stopping the nation now,” he says.
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