Saudi Arabia’s point-of-sale (POS) spending reached SAR10.9 billion ($2.9 billion) in the week ending July 20, 2024. According to official data from the Saudi Central Bank (SAMA), the education sector recorded the largest surge, with a 10.4 percent increase over the seven-day period, totaling SAR94.1 million in transactions.
Education sector sees largest surge
Hotel spending also increased, rising by 0.2 percent compared to the previous week to reach SAR270.2 million. This modest increase followed larger gains in the sector in the previous two weeks, with a 17.9 percent surge from June 30 to July 6 and a 3.8 percent jump from July 7 to 13.
Weekly Points of Sale Transactions. https://t.co/ABTSJOFB7l#SAMA pic.twitter.com/Zq6SkRuNAL
— SAMA | البنك المركزي السعودي (@SAMA_GOV) July 23, 2024
Hotel spending rises slightly
Despite the growth in these sectors, overall POS spending in the Kingdom continued its downward trend, declining by 8.8 percent after decreasing by 9.8 percent the previous week. Spending on construction and building materials dipped by 5.2 percent to reach SAR312.6 million, representing the smallest decrease among all sectors compared to the prior week.
Overall POS spending declines
The health sector witnessed the second-smallest decline, recording a 10.2 percent drop to SAR696.3 million. Clothing and footwear, as well as electric devices, both saw an 11.3 percent decrease. Moreover, the telecommunication sector experienced the highest value decrease, with a 13 percent drop to SAR89.5 million.
Sector-specific declines
The top three categories in terms of POS spending were restaurants and cafes (SAR1.67 billion), food and beverages (SAR1.64 billion), and miscellaneous goods and services (SAR1.41 billion), collectively accounting for 43.27 percent of the total POS spending value.
Top POS spending categories
Geographically, 33.2 percent of POS spending occurred in Riyadh, amounting to SAR3.63 billion and representing a 7.1 percent decline from the previous week. Jeddah followed, accounting for 14.4 percent of the total at SAR1.58 billion, with a 7.7 percent weekly decrease. Hail, Tabuk, and Buraidah saw declines of 14 percent, 12.4 percent, and 9.7 percent, respectively, while Makkah recorded the smallest weekly change at 3.9 percent, reaching SAR441.4 million.
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