Department stores and clothing, specialised and luxury goods, specialised food retailing, grocery and supermarkets and travel experienced a positive financial impact over the three time periods included in the analysis by consultancy Geografica.
The periods in each of the past three financial years totalled eight months and for these categories delivered a cumulative impact of $14 million.
However, the analysis, which used the paid parking cities of Horsham and Bendigo as a control group and Benalla and Traralgon as free parking benchmarks, found there was no statistically significant boost to overall spending linked to the introduction of complimentary parking periods.
The report also acknowledges an opportunity cost to Greater Shepparton City Council through lost revenue, which it said could be utilised for comprehensive local economic development initiatives that benefit all merchant types in the central business district.
While the research did find spikes in spending, particularly in the week before Christmas, it was considered random chance or volatility rather than a direct impact of free timed parking.
Interestingly, from January 2019 to March 2022, total spend in Shepparton rose by an average 1.6 per cent a month, with Bendigo and Horsham increasing at a higher 1.9 per cent despite maintaining uninterrupted paid parking.
Over the same period, Benalla and Traralgon, which had constant free parking, increased total spend by an average 1.4 per cent and 1.5 per cent respectively.
A survey of businesses found 95 per cent supported a shift to complimentary timed parking in the central business district.
It is estimated a permanent change would cost the council $1,376,000 in lost revenue and a report for councillors recommends confirming support for paid parking with a one-month period of complimentary parking over the busy Christmas period.
Councillors will consider the issue at the meeting on Tuesday, June 21.
