RIYADH: According to official data, food and beverage transactions boosted point-of-sale payments in Saudi Arabia to a record SR59.68 billion ($15.91 billion) in March.
According to figures released by the Saudi Central Bank, also known as SAMA, spending has increased by 8% year on year across all sectors. Outlays during the holy month of Ramadan likely drove the increase, as did an expanding market with flexible payment options. In March, spending on food and beverages accounted for the most significant portion, accounting for 17% of total payments.
Restaurants, cafes, and miscellaneous goods and services accounted for 12 percent of total spending. In February, Redseer Strategy Consultants predicted Saudi consumers would be eager to explore new attractions and destinations during Ramadan.
In February, Redseer Strategy Consultants predicted Saudi consumers would be eager to explore new attractions and destinations during Ramadan.
Their survey, which looked at changes in shopping behavior for Ramadan 2024 compared to the previous year, found that 62 percent of Saudi respondents planned to increase their spending, outnumbering 48 percent of respondents from the UAE.
Their survey, probing changes in shopping behavior for Ramadan 2024 compared to the previous year, revealed that 62 percent of Saudi respondents planned to increase their spending, surpassing 48 percent of respondents in the UAE.
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