In the week ending February 14, Saudi point-of-sale transactions exceeded $4 billion, as indicated by data from the central bank, showing an increase in spending on furniture and home supplies in anticipation of Ramadan.
According to the Saudi Central Bank, the total value of POS activity amounted to SR15.34 billion ($4.09 billion), marking a 4.8 percent decline from the previous week. Additionally, the number of transactions decreased by 1.6 percent to 252 million.
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Expenditure on furniture and household goods increased by 5.9 percent to reach a total of SR697.35 million, representing the most substantial weekly growth in comparison to other prominent retail sectors. Spending on electronics experienced a 2.9 percent growth, whereas investment in construction and building materials saw a 1.1 percent increase.
The industries that experienced decreases include freight transportation and courier services, with a decline of 5 percent amounting to SR64.86 million. Expenditures on pharmaceuticals and medical supplies experienced a decline by 8.2 percent, totaling SR223.81 million.
However, there was a notable increase in the allocation towards medical services, up by 5.7 percent, reaching SR539.68 million. Expenditure on food and beverages saw a decrease of 4.3 percent, despite this, the total expenditure of SR2.57 billion enabled it to maintain the highest proportion of activity at point of sale.
During the monitored week, the total spending at restaurants and cafes amounted to SR1.73 billion, a decrease of 4.7 percent compared to the previous period.
Following that, expenditures on apparel and clothing emerged as the third-largest category of point-of-sale transactions, showing a 0.5 percent increase to SR1.38 billion.
The primary urban hubs in the Kingdom reflected a blend of diverse national shifts. Riyadh, which represented the majority of total point of sale expenditures, experienced a decrease of 3.4 percent to SR5.32 billion.
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The volume of transactions in the capital city decreased by 0.8 percent on a weekly basis, reaching 80.7 million. In Jeddah, the value of transactions decreased by 4.4 percent to SR2.12 billion, whereas Dammam experienced a 3.3 percent decrease to SR746.29 million.
The Point of Sale (POS) data, monitored on a weekly basis by the Saudi Arabian Monetary Authority (SAMA), serves as a gauge for analyzing consumer expenditure patterns and the continual advancement of electronic payment methods within the Kingdom of Saudi Arabia.
The information also emphasizes the growing reach of point-of-sale (POS) infrastructure, reaching beyond prominent retail centers to smaller urban areas and service industries, backing wider digital accessibility efforts.
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The advancement of digital payment technologies is in line with the goals outlined in Saudi Arabia's Vision 2030, facilitating electronic transactions and bolstering the nation's overall digital economy.