Saudi Arabia’s Point-of-Sale Spending Reaches SR11.9 Billion in One Week
In a dynamic week of transactions, Saudi Arabia saw a surge in point-of-sale spending, totaling SR11.9 billion ($3.19 billion) from July 7 to 13. The hospitality sector led the charge with a 3.8 percent increase in transactions, hitting a total of SR269.6 million.
Insights into Consumer Spending Patterns
Point-of-sale transactions are vital for understanding consumer behavior and economic activity. The Saudi Central Bank (SAMA) releases weekly data to provide insights into various sectors such as retail, hospitality, and services. During the specified week, POS transactions in the Kingdom fell by 9.8 percent, amounting to SR13.2 billion.
Key Sector Performances
While restaurants and cafes still dominated POS transactions, payments decreased by 6.4 percent to SR1.84 billion. Expenses on food and beverages also saw a decline of 12.5 percent, reaching SR1.79 billion. Miscellaneous goods and services, gas stations, construction materials, and transportation all experienced varying levels of decrease in spending.
Regional Insights
Riyadh remained the top city for POS deals, accounting for 33.37 percent of transactions with a value of SR3.91 billion. Jeddah followed with 14.6 percent of the total spending at SR1.71 billion. While Abha and Makkah saw decreases in expenditures, Tabouk experienced the highest fall at 12.8 percent.
Growth in Riyadh
Riyadh’s growth as a major hub was highlighted by Spinneys’ new flagship outlet at La Strada Yard. The 43,520 sq. ft. store reflects the increasing demand for high-quality groceries in the capital and Jeddah, signaling further expansion in the region.