RIYADH: Saudi Arabia’s consumer spending soared in the final week of 2024, with point-of-sale transactions climbing 17.2 percent week-on-week to SR13.8 billion ($3.6 billion), official data showed.
Figures from the Saudi Central Bank, also known as SAMA, revealed significant growth across all sectors between Dec. 22 and Dec. 28, with the total number of transactions hitting 211.97 million during the week.
The telecommunications sector led the growth in transaction value, reporting a 29.6 percent week-on-week increase to SR132.5 million.
The recreation and culture sector followed closely, with a 27.7 percent rise, amounting to SR286.3 million. Seasonal gifting trends also contributed to a 26.1 percent increase in the jewelry sector, which recorded SR315 million in transactions.
The food and beverage sector posted a 22.9 percent jump, reaching SR2 billion.
Other sectors also saw substantial increases in transaction values. The education sector rose 20.7 percent, while health and furniture reported growth of 16.4 percent and 16.2 percent, respectively.
Miscellaneous goods and services, as well as clothing and footwear, recorded similar growth at 16.2 percent and 16 percent. The restaurants and cafes sector grew by 14.4 percent, with transportation close behind at 14.2 percent.
In terms of transaction volume, the jewelry sector led with a 25.4 percent week-on-week increase, reaching 231,000 deals.
Telecommunications saw a 13.9 percent rise, followed by recreation and culture with a 13.3 percent increase, and transportation with an 11.8 percent growth.
Clothing and footwear transactions rose by 11.5 percent, furniture by 10.6 percent, and miscellaneous goods and services by 8.9 percent.
Regionally, Hail reported the highest growth in transaction value, with a 29.1 percent increase to SR218.9 million. The city also saw a 15 percent rise in the number of deals, reaching 3.65 million.
Tabuk followed, posting a 28.9 percent growth in transaction value to SR270.5 million and an 11.3 percent rise in the number of transactions, totaling 4.57 million.
Madinah recorded a 23.3 percent increase in value to SR594.8 million, alongside a 9.9 percent growth in the number of transactions.
Riyadh, however, saw the highest overall transaction value at SR4.7 billion, reflecting a 12.4 percent increase. The capital also recorded a 6.2 percent rise in transaction volume.
Jeddah followed with a 13.4 percent increase in transaction value and a 5.9 percent rise in transaction volume.
