RIYADH: Saudi Arabia’s point-of-sale transactions held near the $4 billion mark in the week ended March 21, underscoring resilient consumer spending even as overall activity declined.
The total value of transactions reached SR14.79 billion ($3.94 billion), down 8.4 percent from the previous week, according to data from the Saudi Central Bank, also known as SAMA.
The number of transactions stood at 223.89 million, marking a marginal 1.3 percent decline.
Spending on apparel and clothing totaled SR2.33 billion, despite a 17.6 percent drop from the prior week, while outlays on food and beverages totaled SR2.11 billion, down 6.3 percent.
In contrast to the weekly drop, overall spending remained elevated, reflecting sustained consumer confidence and the ongoing shift toward digital payments, supported by the Kingdom’s Vision 2030 reform initiative.
This trend also aligns with Saudi Arabia’s push toward a cashless economy under the Financial Sector Development Program.
According to the latest report, spending in restaurants and cafes totaled SR1.60 billion, representing a 15 percent rise compared to the previous week.
Transactions in jewelry rose 27.8 percent to SR1 billion, while spending in bakeries and pastries increased by 53.6 percent to SR521.94 million.
In the healthcare sector, the value of transactions amounted to SR823.82 million, while spending for professional and business services stood at SR753.54 million.
Riyadh dominated POS transactions, with spending in the capital reaching SR4.69 billion, marking an 11.8 percent decline compared to the previous week.
Jeddah witnessed deals amounting to SR2.17 billion, down 10.2 percent compared to the previous seven days.
In Makkah, transactions totaled SR886.47 million, followed by Madinah at SR709.41 million and Dammam at SR671.01 million.
Alkhobar posted SR396.38 million, with Buraidah and Abha SR375.66 million and SR152.15 million, respectively.
The latest data from SAMA suggests consumer confidence remains resilient in the Kingdom, despite global economic uncertainties, providing crucial support to the Kingdom’s broader economic transformation agenda.
