Hotel Spending Boosts Saudi POS Transactions to $3.5 Billion
RIYADH: Increased hotel spending in Saudi Arabia contributed to a total point-of-sale transaction value of SR13.12 billion ($3.5 billion) in the week ending July 12, according to data from the Kingdom's central bank.
The latest figures released by SAMA indicate that the hotel sector recorded SR281.56 million in transaction value with a 4.6 percent increase in the number of payments to 839 million.
Despite an overall POS value decline of 8.2 percent and a 3 percent drop in the total number of transactions to 223.57 million, the data highlights the positive impact of hotel spending on the economy.
The education sector experienced the largest decrease with a 27.6 percent fall to SR102.21 million, while miscellaneous goods and services saw a decline of 15.6 percent to become the third-largest share of POS value.
Restaurants and cafes maintained their position as the leading category, but recorded a slight decrease of 1.7 percent in transaction values.
The top three categories accounted for approximately 40.2 percent of total spending amounting to SR5.28 billion.
Smaller declines were observed in various sectors such as gas stations, building materials, health and furniture, clothing and footwear, transportation, and jewelry with the lowest decline of 1.1 percent in Makkah and a 3.6 percent decrease in Abha.
Geographically, Riyadh topped POS transactions reaching SR4.47 billion but experienced an 8.1 percent dip from the previous week.
Despite an overall POS value decline of 8.2 percent and a 3 percent drop in the total number of transactions to 223.57 million, the data highlights the positive impact of hotel spending on the economy.
The education sector experienced the largest decrease with a 27.6 percent fall to SR102.21 million, while miscellaneous goods and services saw a decline of 15.6 percent to become the third-largest share of POS value.
Restaurants and cafes maintained their position as the leading category, but recorded a slight decrease of 1.7 percent in transaction values.
The top three categories accounted for approximately 40.2 percent of total spending amounting to SR5.28 billion.
Smaller declines were observed in various sectors such as gas stations, building materials, health and furniture, clothing and footwear, transportation, and jewelry with the lowest decline of 1.1 percent in Makkah and a 3.6 percent decrease in Abha.
Geographically, Riyadh topped POS transactions reaching SR4.47 billion but experienced an 8.1 percent dip from the previous week.
