Arab News,
Thu, Nov 07, 2024 | Jumada al-Awwal 5, 1446
Saudi POS spending hits $4bn as education sector surges with 2nd-semester start
Saudi Arabia:
Saudi Arabia’s point-of-sale transactions
registered a weekly increase of 36.6 percent between Oct. 27 and Nov. 2, with
the education sector leading the growth.
The Saudi Central Bank, also known as SAMA,
recorded SR15.1 billion ($4.03 billion) in transactions over the seven-day
period, with the education industry posting the highest sectoral increase at
79.3 percent to reach SR177.6 million.
This surge coincides with the start of the second
semester on Nov. 17, similar to what was seen before the school year began in
August.
SAMA figures showed that the clothing and footwear
sector saw the second-largest rise, with a 63.7 percent jump to SR1.07 billion,
reflecting a consistent trend in consumer spending during key academic periods.
This growth mirrored a similar pattern observed
earlier in August this year, indicating a recurring trend in consumer spending
within these two sectors.
Spending on telecommunication recorded the third
largest surge, with a 51.9 percent positive change, reaching SR157.1 million.
Expenditure on food and beverages followed with
an uptick of 48.1 percent, reaching SR2.5 billion, claiming the biggest share of
this week’s POS transaction value.
Recreation and culture followed with a 40.9
percent surge, reaching SR296 million.
Restaurants and cafes accounted for the
second-largest POS transaction value, with SR2.1 billion. Miscellaneous goods
and services followed at SR1.8 billion.
Spending in the leading three categories accounted
for 42.8 percent or SR6.4 billion of the week’s total value.
At 11.8 percent, the smallest increase occurred in
hotel spending, boosting total payments to SR328.4 million. Expenditures on
construction and building materials came second, surging 19.1 percent to SR386
million.
Geographically, Riyadh dominated POS transactions,
representing 33.7 percent of the total, with expenses in the capital reaching
SR5.11 billion — a 28.1 percent increase from the previous week.
Jeddah followed with a 27.7 percent surge to
SR1.93 billion, and Dammam came in third at SR745.7 million, up 28.8 percent.
Hail experienced the most significant rise in
spending, increasing 65.1 percent to SR280.1 million. Tabouk and Abha followed,
with expenditure surging 55.9 percent and 43 percent to SR324.8 million and
SR187.4 million, respectively.
Regarding the number of transactions, Hail
recorded the highest increase at 34 percent, reaching 4,427, followed by Tabouk
with a 28.7 percent increase, achieving 5,312 transactions.