Saudi Arabia’s Point-of-Sale Spending Soars to SR14.7 Billion in a Week
In a staggering surge, Saudi Arabia’s point-of-sale spending skyrocketed to SR14.7 billion ($3.91 billion) from July 28 to Aug. 3, marking a remarkable 30.8 percent increase compared to the previous week, as per official data from the Saudi Central Bank, also known as SAMA.
Education Sector Leads the Way with 100.8 Percent Increase
The latest data revealed that the education sector saw the largest increase for the second consecutive week, surging by a whopping 100.8 percent to SR233.3 million. This significant rise showcases the growing investment in education within the Kingdom.
Consumer Confidence on the Rise with Positive Spending Trends
Recent trends suggest a robust recovery in consumer spending, reflecting a surge in economic confidence and increased business activity. Spending on clothing and footwear saw a remarkable 50.9 percent increase to SR977.7 million, followed by the telecommunication sector with a 43.8 percent rise to SR139.3 million.
Key Sectors Driving the Surge in POS Transactions
Notably, POS transactions showed no negative figures in purchase values, with the transportation sector seeing an 18.1 percent rise to SR834 million. Expenditures on food and beverages led POS spending at SR2.22 billion, followed by spending on cafes and restaurants at SR2.11 billion, and miscellaneous goods and services at SR1.84 billion.
Riyadh Tops POS Spending with 31.7 Percent Share
The capital city, Riyadh, accounted for 31.7 percent of POS spending, with total transactions reaching SR4.67 billion, a substantial 25.6 percent rise from the previous week. Jeddah followed with 13.6 percent of the total, reaching SR2.01 billion, a 23.7 percent weekly increase, while Dammam came in third, accounting for SR673.2 million, a 26 percent increase.
Significant Increases in Tabuk, Hail, and Abha
The most significant increase in POS spending was seen in Tabuk, with spending up 51.1 percent to SR289.5 million. Hail and Abha also recorded substantial surges, with spending increasing by 47.6 percent to SR252.9 million and 33.1 percent to SR281.7 million, respectively.
Continuous Rise in POS Spending Indicates Economic Growth
Overall, the consistent rise in POS spending, driven by higher expenditures in key sectors such as food and beverages, clothing, and education, indicates a positive trajectory for Saudi Arabia’s economy. }
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