RIYADH: The total value of pre-Ramadan point-of-sale transactions in Saudi Arabia reached SR14.1 billion ($3.75 billion), data compiled by Arab News from weekly reports by the Saudi Central Bank show.
This year sales peaked in the fourth week (March 26 to April 1) of Shabaan, the month preceding Ramadan. Sales grew 23.5 percent year-on-year.
A total of 153.4 million POS transactions were recorded during Shabaan, compared to 101.62 million in the same month last year, reflecting an annual increase of 51 percent.
As for a dip in weekly sales during the season, purchasing usually remains under pressure during the first half of Ramadan. Activities pick up later in the month, as the fasting season nears its end, and the Eid holidays begin early the following month.
Despite a brief lull, this year it also surpassed last year’s figures by 32 percent in terms of value, i.e. SR9.6 billion vs. SR7.3 billion — the first week of Ramadan this year vs. second week of the same month last year.
Last year, sales jumped almost 47 percent week-on-week during the third week of Ramadan, though it witnessed a 21 percent fall to the lowest level of the month at the very end of the month. Nevertheless, consumer purchases posted a strong 30 percent growth during the second week of the month of Shawwal.
Looking at the figures for this year — data available through the third week of Ramadan so far — growth in sales resumed as early as in the second week — albeit at a modest 3.6 percent week-on-week—- and extended into the third week of the month, as the values recovered from this year’s Ramadan low of SR9.6 billion to SR10.4 billion during the third week.
It remains to be seen whether the pattern of Saudi consumer spending for the rest of Ramadan and early Shawwal of last year can also be seen this year.
