Saudi Arabia’s point-of-sale (POS) spending surged by 48 percent, reaching SR12.34 billion ($3.29 billion) from June 23 to 29, with the education sector experiencing the most significant increase. Data from the Saudi Central Bank (SAMA) revealed a 1,970 percent rise in transaction value for the education sector, which, although representing only 0.05 percent of total transactions, reached SR99.06 million during the week.
From May 16 to June 22, POS spending in the Kingdom dropped to SR8.34 billion, its lowest in months, coinciding with the Eid al-Adha vacation period. Economist Talat Hafiz explained to Arab News that spending typically decreases during such holidays as citizens perform Hajj, unlike regular days when they frequent shopping malls and restaurants.
SAMA data for the last week of June showed a 155.4 percent surge in transportation spending, reaching SR790 million, marking the second-highest increase compared to the previous week. Spending on construction and building materials followed, with a 110.7 percent rise, reaching SR328.5 million.
Food and beverages held the largest share of POS spending, witnessing a 38.3 percent increase to SR1.88 billion. Restaurant and café spending followed, reaching SR1.8 billion with a 12.1 percent increase. Miscellaneous goods and services, including personal care items, supplies, maintenance, and cleaning, constituted the third-highest share, with a 62 percent rise to SR1.6 billion.
The hotel sector experienced a 15.1 percent increase in POS transaction value, reaching SR220.3 million, while gas stations saw a 20 percent increase to SR834.5 million.
According to SAMA, 32.15 percent of POS spending occurred in Riyadh, with the total transaction value reaching SR3.96 billion, representing a 61.2 percent increase from the previous week. Riyadh has significantly expanded, becoming a pivotal center for growth and progress. The city’s La Strada Yard recently welcomed the Dubai-based supermarket chain Spinneys, marking the beginning of its expansion strategy in Riyadh and Jeddah. The 43,520 square foot flagship outlet aims to cater to the growing demand for high-quality groceries across the Kingdom.
Jeddah followed, accounting for 13.8 percent of total spending, reaching SR1.71 billion, marking a 45.3 percent weekly increase.
For more details : https://arabianworldmagazine.com
