https://arab.news/mr9zx
- Education sector saw largest increase, surging 100.8% to SR233.3 million
- Expenditures on food and beverages led POS spending at SR2.22 billion
RIYADH: Saudi Arabia’s point-of-sale spending reached SR14.7 billion ($3.91 billion) from July 28 to Aug. 3, marking a 30.8 percent increase compared to the previous week, according to official data.
The latest data from the Saudi Central Bank, also known as SAMA, revealed that the education sector saw the largest increase for the second week in a row, surging 100.8 percent to SR233.3 million.
From July 28 to Aug. 3, POS spending in the Kingdom continued its positive trend, having regained momentum the week before with a 2.8 percent increase.
POS refers to the system where retail transactions are processed, including electronic payment transactions made through card readers or digital payment methods.
Recent trends indicate a robust recovery in consumer spending, reflecting growing economic confidence and increased business activity.
Spending on clothing and footwear rose 50.9 percent to SR977.7 million, the second-highest increase that week. The telecommunication sector followed with a 43.8 percent rise to SR139.3 million.
Overall, POS transactions showed no negative figures in purchase values. The smallest increase was 12 percent in the construction and building materials sector, totaling SR360.5 million. The transportation sector saw an 18.1 percent rise to SR834 million.
Expenditures on food and beverages led POS spending at SR2.22 billion. This was followed by spending on cafes and restaurants at SR2.11 billion, and miscellaneous goods and services at SR1.84 billion. These three categories accounted for 42.06 percent of the total POS value for the week.
The capital, Riyadh, accounted for 31.7 percent of POS spending, with total transactions reaching SR4.67 billion, a 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.
Dammam came in third, accounting for SR673.2 million, a 26 percent increase.
The most significant increase was in Tabuk, with spending up 51.1 percent to SR289.5 million. Hail and Abha followed with spending surging 47.6 percent to SR252.9 million and 33.1 percent to SR281.7 million, respectively.
POS spending has been consistently rising, driven by higher expenditures in key sectors such as food and beverages, clothing, and education. This upward trend highlights a rebound in retail and service sectors, signaling a positive economic outlook for the Kingdom.
keywords