Saudi Consumers on a Spending Spree
In a whirlwind week of shopping, consumers in Saudi Arabia splurged a whopping SR247.2 million ($65.8 million) on electronics, marking an impressive 18.3 percent increase compared to the previous week. The central bank data revealed this staggering surge in spending from Sept. 15 to 21.
Hotels Sector Sees a Boom
Not to be outdone, the hotels sector also experienced a significant rise in spending, reaching SR292.4 million with an 18.2 percent weekly increase. These two sectors emerged as the top performers, showcasing the highest and second-highest growth, respectively.
Top Categories Reign Supreme
Restaurants and cafes took the crown for the largest share of point-of-sale transactions at SR1.77 billion, closely followed by food and beverages at SR1.67 billion, and miscellaneous goods and services at 1.45 billion. Together, these top three categories accounted for a staggering SR4.9 billion in total spending for the week.
Decline in Overall Transactions
Despite the impressive individual sector growth, the overall value of point-of-sale transactions saw a slight dip for the third consecutive week, dropping by 1.9 percent to reach SR11.9 billion. The education sector led the decline with a 23 percent decrease, while public utilities and food and beverages also experienced a negative change in spending.
Regional Spending Trends
Riyadh dominated the point-of-sale transactions geographically, representing 34.6 percent of the total spending with SR4.1 billion. Jeddah and Dammam followed suit, with Jeddah seeing a rise in spending and Dammam experiencing a slight decrease. Tabouk, Hail, and Abha witnessed decreases in spending and number of transactions, with Tabouk recording the largest drop at 6.5 percent.