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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s point-of-sale spending came in at SR8.34 billion ($2.22 billion) from June 16 to 22, official figures revealed – with 30.3 percent of the total coming in the Kingdom’s capital city.
The latest data from the Saudi Central Bank, also known as SAMA, revealed that transactions at restaurants and cafes, which account for the largest share at 19.31 percent, saw a 20 percent dip, the second smallest decrease, reaching SR1.61 billion, during this week.
Meanwhile, spending on food and beverages, which held a 16.35 percent share, recorded a decrease of 32.4 percent, amounting to SR1.36 billion.
Saudi spending on miscellaneous goods and services, including personal care items, supplies, maintenance, and cleaning, constituted the third-highest share and witnessed a 47.4 percent decrease that week, reaching SR991.6 million.
The hotel sector experienced the slightest drop in POS transaction value, slowing down by 5.1 percent to SR191.3 million.
On the other hand, gas stations witnessed the third-smallest dip, with 21.1 percent, reaching SR695.3 million.
The highest decline was recorded in the footwear and clothing sector, with 64.4 percent reaching SR483.3 million that week.
According to data from SAMA, 30.3 percent of POS spending occurred in Riyadh, with the total transaction value reaching SR2.46 billion, representing a 46.1 percent decrease from the previous week.
Riyadh has undergone considerable expansion, evolving into a pivotal center for growth and progress. The city is witnessing a surge in new businesses setting up operations, drawn by its vibrant economic landscape and strategic prospects for investment and innovation.
Spending in Jeddah followed, accounting for 14.1 percent of the total and reaching SR1.17 billion, marking a 37.9 percent weekly negative change.
Moreover, spending in Hail and Madinah decreased by 45.9 percent and 37 percent to reach SR136.5 million and SR360.5 million, respectively.
The two cities that registered the highest losses in POS spending were Tabuk and Dammam, with decreases of 52.6 percent and 47.4 percent, respectively.
The value of transactions in Tabuk reached SR134.5 million, while in Dammam, it was SR367 million.
From May 26 to June 1, POS spending in the Kingdom surged to a record high of SR15.22 billion before beginning its decline.
Data from SAMA for that period showed that spending on food and beverages, comprising 15.7 percent of the total, surged by 43.8 percent to SR2.40 billion, driving the overall POS increase.
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