Saudi Arabia’s Point of Sales Spending Reaches SR53 Billion in April
RIYADH: In a bustling month of consumer activity, Saudi Arabia’s point of sales spending soared to approximately SR53 billion ($14 billion) in April, showcasing a 3 percent increase compared to the same period last year, as per the latest data disclosed.
Breakdown of Spending Categories
Figures from the Saudi Central Bank, also known as SAMA, unveiled that 30 percent of POS spending during this period, amounting to SR15.83 billion, was directed towards beverages, food, restaurants, and cafes, highlighting the nation’s love for dining out and socializing.
Furthermore, another 12 percent, equivalent to SR6.51 billion, was allocated to miscellaneous goods and services, encompassing personal care, supplies, maintenance, and cleaning, showcasing a noteworthy growth rate of 22.5 percent.
Education Sees Highest Growth Rate
Despite education spending constituting only 1 percent of POS sales, it witnessed the most substantial growth rate, surging by a remarkable 53 percent to reach SR500 million during this period, reflecting a shift in consumer priorities.
Seasonal Fluctuations Impact Sales
Compared to the previous month of March, which coincided with Ramadan and saw a record-breaking POS sales figure of SR59.7 billion, April experienced an 11 percent decline, potentially influenced by seasonal fluctuations and consumer behavior during the holy month.
Cloud-Based POS Systems Revolutionize Business Landscape
A report by Best POS in Saudi Arabia emphasized the critical role of cloud-based POS systems in transforming the Kingdom’s business landscape, particularly in the food and beverage sector, enabling enhanced operational efficiency and customer service.
Evolution of Saudi Arabia’s Food & Beverage Industry
Another report by Best POS in Saudi Arabia shed light on the rapid evolution of the Kingdom’s Food & Beverage industry, driven by emerging consumer trends such as health and wellness priorities, technology integration, sustainability initiatives, and interactive dining experiences.
Riyadh Leads in POS Sales Distribution
Based on SAMA data, Riyadh emerged as the frontrunner in POS sales distribution, capturing 32 percent of the market with approximately SR17 billion, followed by Jeddah at 14 percent with a total of SR7.7 billion, highlighting Riyadh’s prominent position as a major economic hub and retail hotspot in Saudi Arabia.