Saudi Arabia’s point-of-sale transactions drop to $2.85bn last week
Saudi Arabia’s point-of-sale transactions fell by SR1.6 billion ($0.43 billion) to reach SR10.7 billion in the week ending on Dec. 17, pulled down by education spending, according to data from the Saudi Central Bank, or SAMA.
The SAMA data showed that around 155.4 million transactions were processed during that week — 2.3 million transactions more than the week prior.
The POS transactions indicate the amount that consumers spend using ATMs and credit cards in retail stores, shopping malls, pharmacies and more.
The decline in POS transactions was primarily led by a 40 percent decrease to SR197.6 million in the education sector spending.
The telecommunications and electronics and electric appliances sectors came next, with both recording a fall of 8 percent in POS transactions to reach SR85.1 million and SR218.8 million respectively.
* Jewelry — fell 7 percent to reach SR196 million
* Food and Beverages — fell 4 percent to reach SR1.6 million
* Miscellaneous Goods and Services — fell 2 percent to reach SR1.2 million
* Health — fell 2 percent to reach SR691 million
Saudi Arabia’s consumer spending was directed towards restaurants and cafes, recording almost SR1.58 billion worth of spending.
The food and beverages sector closely followed with SR1.56 billion worth of spending in the week ending on Dec. 17.
Of the 17 mentioned sectors, only five witnessed a rise in the week ending on Dec.17, showed the SAMA data.
Saudi spending on hotels saw the largest increase last week, going up 6 percent to SR273 million.
* Transport — increased 3 percent to reach SR593.2 million
* Fuel Stations — increased 1 percent to reach SR716.3 million
* Construction Materials — increased 1 percent to reach SR359.3 million
* Recreation and Culture — increased 1 percent to reach SR284 million
* Riyadh’s total POS transactions recorded SR3.58 billion, making it register the highest level of sales of almost 33 percent in the week ending on Dec. 17.
However, the value of transactions in the Kingdom’s capital fell by 2 percent last week from SR3.65 billion the week before.
Jeddah followed with SR1.55 billion POS transactions, despite its 6 percent drop in the week ending on Dec. 17 from SR1.64 the week before.