CAUGHT BY ARABNEWS.COM
Riyadh: From June 30 to July 6, Saudi Arabia’s point-of-sale spending climbed by 7.7 percent to SR13.2 billion ($3.51 billion), with hotel payments accounting for the largest increase, citing government figures.
The transaction value in this sector, which makes up just 0.39 percent of all payments, increased 17.9 percent to reach SR259.7 million, according to the most recent report from the Saudi Central Bank, or SAMA.
The week starting on June 23 saw a rebound in point-of-sale (POS) spending in the Kingdom following a decline to SR8.34 billion during the previous seven days, which coincided with the Eid al-Adha holiday.
In an interview with Arab News, economist Talat Hafiz, who is based in Saudi Arabia, clarified that “spending is usually less during such vacations.”
as Saudis go to perform Hajj compared to normal days when they visit shopping malls and restaurants for entertainment.
Data from SAMA for the week beginning June 30 showed that spending on education surged by 14.1 percent to reach SR113 million, the second-highest increase compared to the previous week.
Spending on miscellaneous goods and services came in third place and took over the third-highest share of the POS, recording a 10.1 percent surge, reaching SR1.76 billion.
Saudi spending on food and beverages constituted the highest share of the POS and witnessed an 8.8 percent rise, reaching SR2.05 billion compared to SR1.88 billion in the previous week.
This came alongside spending in restaurants and cafes, reaching SR1.96 billion, and constituting the second-largest share with a surge of 9 percent compared to the previous week.
This week’s least significant increase in POS spending was on public utilities, which increased by 3.2 percent to SR74.7 million.
With a 4.2 percent increase to SR869.6 million, gas stations saw the second-smallest increase in the value of POS transactions. The third-smallest rise in spending was in the category of electronics and electric equipment, rising 4.3% to SR229.9 million.
With Spinneys’ recent opening of its flagship 43,520 square foot store at La Strada Yard, Riyadh has grown into a major growth hub. The company is expanding in Riyadh and Jeddah to suit the growing demand for premium goods in Saudi Arabia.
Following suit, Jeddah’s spending accounted for 14% of the total, totaling SR1.86 billion, indicating a positive change of 8.9 percent every week.
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Additionally, Dammam saw a 7.5% increase in spending, totaling SR623.6 million, the third-largest portion of this week’s POS.
It was in Abha that there was the most improvement, up 13.5 percent to SR235.5 million.
Makkah spent 8% more this week, or SR479.4 million, than the previous week, when it had decreased by 1.1 percent.
