Official data showed that between August 11 and 17, Saudi Arabia’s point-of-sale transactions increased to SR13.5 billion ($3.61 billion), a 3.6 percent increase from the previous week.
The education sector led the way with a 127.5 percent increase in spending and SR1.01 billion in total transactions, according to the most recent data from the Saudi Central Bank, or SAMA.
Commencing on August 18, the first day of the academic year, this is the category’s fourth consecutive week of improvements.
Economist Talat Hafiz, who lives in Saudi Arabia, told Arab News that this kind of behavior is typical when students are ready to go back to school.
The majority of parents and students head to the market to buy school supplies before the school day begins, he continued, which has caused a discernible rise in the point of sale (POS) in the education industry.
Such actions “will definitely reflect positively on the sales and revenues of the retail markets specialized in selling educational related goods,” according to Hafiz’s explanation.
Additionally, he made the point that promotions held by bookshops and electronics retailers before to the start of the school year draw customers and encourage large purchases because of the savings.
The increase in POS expenditure comes after a decline in transactions to SR13.09 billion the week before.
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