Consumer spending through points of sale in Saudi Arabia during the last week ending on October 31, achieved a growth of about 36.3 percent, compared to the previous week ending on October 24.
According to the monitoring unit of the reports in Al-Eqtisadiah newspaper and based on the data of the Saudi Arabian Monetary Agency “SAMA”, consumer spending during the week ending on October 31 amounted to about 9.15 billion riyals, compared to about 6.71 billion riyals for the previous week, with a difference of 2.44 billion riyals.
Thus, consumer spending is at its highest level in about 17 weeks (the week ending July 4), after 3 weeks of decline.
Regarding the performance of the sectors compared to the previous week, all sectors recorded a growth in their sales through points of sale, which varied between 10% and 74%.
While the “education” sector led the growth by 73.9 percent, with sales of 83.1 million riyals in 4 weeks, followed by the “electrical and electronic devices” sector, which grew by 61.6 percent, and with sales of 400.5 million riyals, which is the highest sales through points. Sale in 17 weeks.
Regarding the sectors that spend the most in terms of percentage, sales of the “food and beverages” sector grew, which constitutes 17.1 percent of the total sales of point of sale devices, registering a growth of 41.5 percent and sales of 1.55 billion riyals. The sales of the “restaurants and cafes” sector also increased to 1.13 billion Rial.
Also, 3 sectors recorded growth for the second consecutive week, namely the furniture sector, the jewelry sector, and the health sector.
In addition, the number of transactions executed via POS devices increased during the past week by 19.3 per cent to reach about 77.72 million operations for all sectors, compared to about 65.15 million operations for the previous week.
According to the latest monthly data, the value of POS operations grew by 33.7 percent during last September on an annual basis, as the value of operations amounted to about 33.21 billion riyals compared to about 24.84 billion riyals in the same period, while sales grew compared to the previous month in August by 6.6 percent. .
The increase in sales of points of sale for the current year comes after the obligation of the commercial sectors to provide electronic payment methods through the plans of the National Transformation Program to combat concealment, which included all commercial sectors at the end of last August.
Economic Reports Unit