RIYADH: In the last week of 2024, Saudi Arabia’s consumer spending surged, as evidenced by a 17.2 percent weekly increase in point-of-sale transactions to SR13.8 billion ($3.6 billion), according to government figures. According to data from the Saudi Central Bank, or SAMA, there was a notable increase in all sectors between December 22 and December 28, with 211.97 million transactions during that time.
With a weekly increase of 29.6% to SR132.5 million, the telecommunications industry led the gain in transaction value. With a 27.7 percent increase, or SR286.3 million, the recreation and culture industry came in second. Additionally, seasonal gifting patterns helped the jewelry industry, which saw SR315 million in sales, grow by 26.1 percent. At SR2 billion, the food and beverage industry reported a 22.9 percent increase.
Transaction values increased significantly in other sectors as well. Health and furniture had growth of 16.4 and 16.2 percent, respectively, while the education sector increased by 20.7 percent. The growth rates for apparel and footwear, as well as other products and services, were 16.2 and 16 percent, respectively. The transportation sector expanded 14.2 percent, closely followed by the restaurants and cafes sector, which grew 14.4 percent.
The jewelry industry led the way in terms of transaction volume, increasing by 25.4 percent week over week to reach 231,000 sales. The largest growth was in telecommunications (13.9 percent), followed by transportation (11.8 percent) and recreation and culture (13.3 percent).
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