Prime Highlights-
- Saudi Arabia’s POS spending climbed 4.5% to SR14.5 billion ($3.8 billion), highlighting strong consumer activity despite a small drop in transactions.
- Sectors including freight, apparel, healthcare, and hotels recorded strong growth, reflecting robust consumer activity.
Key Facts-
- Riyadh, Jeddah, and Dammam saw increases in POS spending of 2.5%, 5.6%, and 1.6%, respectively.
- Growing adoption of digital payments is expanding financial inclusion and supporting long-term economic growth.
Background-
Saudi Arabia’s point-of-sale (POS) spending increased 4.5% to SR14.5 billion ($3.8 billion) in the week ending February 28, according to the Saudi Central Bank (SAMA). The total number of transactions fell 4.6% to 210.53 million, reflecting higher spending per purchase by consumers.
Several sectors grew strongly. Freight transport and postal services rose 50.4% to SR121.35 million, and apparel and clothing jumped 44.2% to SR1.9 billion.
Personal care sales went up 21.7%, and spending on books and stationery increased 8.3%. Hotel receipts by rise 11.1%, while the healthcare sector also signals solid growth. The pharmacies and medical supply stores jumped 23.5%, and medical services recorded a 10.2% increase.
Food and beverage remained the biggest part of POS activity, with spending at SR2.33 billion. Restaurants and cafes earned SR1.22 billion, showing steady demand for dining out.
Riyadh led major cities, recording SR4.86 billion in POS spending, up 2.5%. Jeddah experienced stronger growth at 5.6% and Dammam increased by 1.6%.
SAMA said consumers are increasingly using digital payments, and POS infrastructure is expanding beyond major retail areas. These trends help Saudi Arabia’s Vision 2030 goals by increasing electronic transactions, strengthening the digital economy, and increasing financial inclusion across the Kingdom.
Consumer spending stayed strong across major sectors. Analysts say growing digital payments will enhance financial inclusion and the kingdom’s economic growth.
