Saudi Arabia’s Point-of-Sale Spending Hits SR11.2 Billion in May
In a bustling week of transactions, Saudi Arabia’s point-of-sale spending soared to an impressive SR11.2 billion ($2.98 billion) in the fourth week of May, as per official figures released by the Saudi Central Bank, also known as SAMA.
Electronic and Electric Devices See a 9.5% Surge
Among the various categories, spending on electronic and electric devices witnessed a significant 9.5 percent increase, reaching a total of SR240.4 million.
Food and Beverages Decline by 5.9%
The food and beverages sector, which holds the largest share at 14.9 percent, experienced a slight decline of 5.9 percent, amounting to SR1.66 billion during the week from May 19 to 25.
Restaurants and Cafes Record a 4.8% Dip
Transactions at restaurants and cafes, comprising 14.6 percent of the total share, saw a moderate decline of 4.8 percent, totaling SR1.64 billion.
Education Sector Sees Minimal Increase
While education spending makes up only 1 percent of the overall POS value, it recorded a slight 0.1 percent increase to SR152.48 million, reflecting ongoing efforts to enhance the national workforce’s skills for the future economy.
Riyadh Leads POS Spending Despite a 1.6% Decrease
Riyadh remained at the forefront of POS spending, accounting for 35.44 percent of transactions totaling SR3.97 billion. Despite a minor 1.6 percent decrease from the previous week, the city continues to be a hub of economic growth and innovation.
Jeddah and Other Cities Experience Declines
Jeddah followed closely behind Riyadh, with 14.3 percent of the total spending at SR1.60 billion, marking a 3.1 percent decline. However, cities like Makkah and Madinah saw significant drops of 11 percent and 6.8 percent in POS transaction values, highlighting fluctuations in consumer behavior.