POS Spending in Saudi Arabia Remains Stable at $2.2 Billion Despite Reductions in Certain Sectors

POS Spending in Saudi Arabia Remains Stable at $2.2 Billion Despite Reductions in Certain Sectors

According to official estimates, Saudi Arabia spent SR8.34 billion ($2.22 billion) on point-of-sale purchases between June 16 and June 22. The Kingdom’s capital city accounted for 30.3% of this total.

According to the most recent data from the Saudi Central Bank, or SAMA, transactions at restaurants and cafés, which make up the greatest share at 19.31 percent, decreased by 20 percent this week. This was the second-smallest decline, with SR1.61 billion.

In contrast, the 16.35 percent share of spending on food and drink saw a 32.4 percent decline, or SR1.36 billion, in that period.

That week, Saudi spending on non-essential goods and services—such as cleaning, maintenance, supplies, personal hygiene products, and supplies—dropped by 47.4 percent to SR991.6 million, the third-highest share.

The hotel industry saw the least amount of POS transaction value decline, with a 5.1 percent slowdown to SR191.3 million.

Gas stations, on the other hand, saw the third-smallest decline, falling by 21.1 percent to SR695.3 million.

With a 64.4 percent fall to SR483.3 million that week, the footwear and textile industry had the biggest decline.

SAMA data shows that Riyadh accounted for 30.3% of all POS expenditures, with a total transaction value of SR2.46 billion—a 46.1 percent drop from the previous week.

Riyadh has experienced significant growth and development, becoming an essential hub for development. The city is seeing an increase in the number of new companies opening for business, attracted by its dynamic business environment and advantageous opportunities for investment and innovation.

Then came Jeddah spending, which came to SR1.17 billion, or 14.1 percent of the total and a negative change of 37.9 percent each week.

Also Read:

The Saudi National Center for Wildlife Establishes the Ibex Protected Area Supervisory Council

Prominent Indian Law Students Participate in the Worldwide Academic Boycott of Israel

 

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *