Consumer spending through points of sale in Saudi Arabia during the last week ending on October 31, increased by 36.3 percent, compared to the previous week ending on October 24.
According to the monitoring unit of the reports in Al-Eqtisadiah newspaper, based on the data of the Saudi Arabian Monetary Agency (SAMA), consumer spending during the week ending 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 recorded its highest level in about 17 weeks “the week ending on the fourth of last July”, after three 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, ranging between 10 and 74 percent.
While the education sector led the growth by 73.9 percent and sales of 83.1 million riyals, the highest in four weeks, followed by the electrical and electronic devices sector with a growth of 61.6 percent, and sales of 400.5 million riyals, the highest in 17 weeks.
Regarding the sectors that spend the most in terms of percentage, sales of the food and beverage sector amounted to 1.55 billion riyals, a growth of 43.6 percent, to constitute 17.1 percent of the total sales of point of sale devices, followed by sales of the restaurants and cafes sector amounting to 1.13 billion riyals.
Three sectors also recorded growth for the second week in a row, 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 point of sale operations grew by 33.7 percent during last September on an annual basis, to reach about 33.21 billion riyals compared to 24.84 billion riyals in the same period, while sales increased compared to 6.6 percent in August.
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 cover-up, which included all commercial sectors at the end of last August.
Economic Reports Unit
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