Saudi Arabia’s POS Spending Skyrockets by 48% to SR12.34 Billion
In a week from June 23 to 29, Saudi Arabia witnessed a significant surge in point-of-sale spending, reaching a staggering SR12.34 billion ($3.29 billion). The education sector stood out with the largest increase, soaring by 1,970 percent to hit SR99.06 million.
Fluctuations in POS Spending Across Different Sectors
From May 16 to June 22, POS spending in the Kingdom hit a low of SR8.34 billion during the Eid al-Adha vacation period. Saudi-based economist Talat Hafiz explained that such holidays typically see lower spending as citizens focus on religious activities rather than shopping and entertainment.
Data from the Saudi Central Bank revealed a surge in transportation spending by 155.4 percent to reach SR790 million, followed by a 110.7 percent rise in construction and building materials spending, reaching SR328.5 million.
Breakdown of POS Spending by Categories
Food and beverages dominated POS spending with a 38.3 percent increase, totaling SR1.88 billion. Spending in restaurants and cafés followed closely behind at SR1.8 billion. Miscellaneous goods and services also saw a significant rise of 62 percent to reach SR1.6 billion.
Regional Trends in POS Spending
Riyadh accounted for 32.15 percent of POS spending, totaling SR3.96 billion, with a 61.2 percent increase from the previous week. The city has become a hub for growth, attracting new businesses like the Dubai-based supermarket chain Spinneys.
Jeddah and Dammam also saw positive changes in spending, with increases of 45.3 percent and 58.1 percent, respectively. Tabuk experienced the most significant surge at 71.6 percent, while Makkah was the only region with a slight decrease in spending by 1.1 percent.