Saudi POS Spending Picks Up Steam, Rising by 48%

Saudi POS Spending Picks Up Steam, Rising by 48%

From June 23 to June 29, Saudi Arabia’s point-of-sale spending climbed by 48% to SR12.34 billion ($3.29 billion), with the education sector seeing the biggest growth.

The transaction value in the sector, which makes up just 0.05 percent of all transactions, increased by 1,970 percent to reach SR99.06 million over the course of the week, according to the most recent data from the Saudi Central Bank, better known as SAMA.

POS expenditure in the Kingdom fell to SR8.34 billion from May 16 to June 22, which happened to be the same week as the Eid al-Adha holiday. This was the lowest spending in months.

In an interview with Arab News, Saudi economist Talat Hafiz noted that because people attend the Hajj on these holiday days rather than on ordinary days when they visit restaurants and shopping centers for pleasure, “spending is usually less during such vacations.”

SAMA data for the final week of June revealed that transportation spending increased by 155.4 percent to SR790 million, the second-highest increase from the week before.

Third-place spending was on building and construction supplies, which increased by 110.7 percent to SR328.5 million.

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