https://arab.news/5khn8
RIYADH: Consumer spending in Saudi Arabia jumped 34.7 percent to SR17.5 billion ($4.6 billion) in the week leading up to Ramadan, driven by increased food purchases and retail activity, official data showed.
The latest point-of-sale transaction data from the Saudi Central Bank, also known as SAMA, revealed a sharp increase in spending across most of the economy from Feb. 23 to March 1, with 231.3 million transactions.
The food and beverage sector led the surge, with spending soaring 74.9 percent week on week to SR3.3 billion, reflecting a seasonal spike in demand as Saudis prepare for Ramadan, a month characterized by large daily Iftar and Suhoor meals.
Spending on public utilities followed closely, with a 55.9 percent rise, amounting to SR81.5 million. Expenditure on furniture also recorded a notable surge at 46 percent to SR524.5 million.
According to the latest POS transactions bulletin, the education sector was one of the two areas that registered negative change during this period. Spending on education dipped by 33.6 percent to settle at SR82 million, while spending in hotels fell by 0.5 percent to SR365 million.
Spending on clothing and footwear saw a 43.9 percent increase in transaction value to SR1.2 billion, with the number of deals growing by 30.8 percent to 8.5 million.
Expenditure on telecommunication also saw increases, surging 42.9 percent to SR146.9 million, while recreation and culture recorded a 25.4 percent uptick to SR338.1 million.
Similarly, spending on jewelry recorded an increase of 27.2 percent to SR334.2 million.
Expenditure in restaurants and cafes followed, recording a 10.5 percent increase to SR2.1 billion.
Miscellaneous goods and services accounted for the second-biggest POS share with a 36.9 percent upstick, reaching SR2.1 billion.
Spending in the leading three categories accounted for approximately 42.9 percent or SR7.5 billion of the week’s total value.
At 9.4 percent, the smallest increase occurred in spending in gas stations, leading total payments to reach SR1 billion.
Expenditures on construction and building materials surged by 22.5 percent to SR441.1 million, and spending on electronics recorded a 31.7 percent increase to SR224.8 million.
Geographically, Riyadh dominated POS transactions, representing around 33 percent of the total, with expenses in the capital reaching SR5.8 billion — a 27.1 percent increase from the previous week.
Jeddah followed with a 29.5 percent surge to SR2.4 billion, and Dammam came in third at SR847.6 million, up 31.2 percent.
Hail experienced the most significant increase in spending, surging by 49.5 percent to SR294.4 million. Tabuk followed with a 46 percent surge to SR334.9 million.
Makkah and Madinah saw the largest increases in terms of the number of transactions, surging 16.5 percent and 14 percent, respectively, to 9.8 million and 9.6 million transactions.