Saudi Arabia’s total point-of-sale transactions recorded SR17 billion ($4.5 billion) in the week ending on January 3, with all sectors reaching positive weekly growth.
The most recent statistics issued by the Saudi Central Bank indicated that the total POS value was an increase of 30.6 percent weekly, and transactions increased by 15.7 percent to 255.36 million.
Expenditure on freight transport, postal, and courier services registered the highest increment of 110.9 percent to SR74.22 million, followed by education at 66.4 percent to SR235.51 million.
However, the personal care expenditure grew 31.7 percent, and the growth in expenditure on books and stationery was 36 percent. The jewelry outlays jumped 48 percent to SR544.12 million.
The additional gains were recorded under other categories. Pharmacy spending on medical supplies increased 42.1 percent to SR284.81 million, and expenditure on medical services also grew 20.8 percent to SR556.27 million.
Outlays in the food and beverages sector also increased by 41.4 percent to SR2.7 billion, which represents the highest proportion of POS transactions.
Restaurants and cafes occupied the second position with a 20.9 percent growth to SR1.9 billion, and the third place was held by apparel and clothing spending that increased by 30 percent to SR1.6 billion.
A combination of the first three categories contributed to a total of about 36.53 percent of total POS expenditure, or SR6.22 billion. The national surge was reflected in the major urban centers in Saudi Arabia.
The biggest portion of POS spending in Riyadh experienced a 21 percent growth to SR5.61 billion, up from SR4.63 billion last week. The number of transactions in the capital surged to 12.2 percent to 79.6 million.
Jeddah recorded a 25.6 percent rise in the value of transactions to SR2.24 billion, and Dammam recorded a 26.1 percent growth to SR831.93 million.
The POS data, which is monitored by SAMA weekly, can give an idea of how consumer spending is changing and how digital payments continue to evolve in Saudi Arabia.
This data also shows the growing coverage of POS infrastructure in smaller cities and service industries beyond big retail centers, as part of wider digital inclusion efforts.
The development of digital payment technologies will be consistent with the goals of the vision 2030 in Saudi Arabia, fostering the use of electronic transactions and adding to the overall digital economy of the Kingdom.
