Saudi Arabia’s point-of-sale spending surged 4.5 percent to SR14.5 billion ($3.8 billion) in the week ending on February 28, even as the number of transactions decreased.
According to the latest data from the Saudi Central Bank, also known as SAMA, the total number of transactions dropped by 4.6 percent to 210.53 million in the period.
The biggest increase was in freight transport and postal services, which increased by 50.4 percent to SR121.35 million. Apparel and clothing came in next with a 44.2 percent growth to SR1.9 billion.
Personal care transactions expanded 21.7 percent, while books and stationery gained 8.3 percent. The hotel receipts have also risen by 11.1 percent to SR376.26 million.
Pharmacies and medical supplies recorded an increase of 23.5 percent to SR254.51 million, and medical services increased by 10.2 percent to SR531.56 million.
However, the food and beverage purchases fell by 11.4 percent to SR2.33 billion, but the segment remained the highest proportion in POS activity. Restaurants and cafes took second place at 1.8 percent to SR1.22 billion.
The major urban centers of the Kingdom mirrored the broader trend. Riyadh, which contributed the greatest portion of POS activity, registered a growth of 2.5 percent to SR4.86 billion as compared to SR4.75 billion in the past week.
Capital transactions totaled 65.7 million, a decline of 5.9 percent week-on-week. Transaction values increased by 5.6 percent to SR2 billion in Jeddah and rose 1.6 percent to SR689 million in Dammam.
Weekly POS data monitored by SAMA provides an understanding of consumer trends and the further growth of digital payments throughout Saudi Arabia.
The data also points to the growing scope of POS infrastructure that is not limited to large retail centres but is penetrating smaller cities and services, which can bolster wider digital inclusion efforts.
The development of digital payment technologies is in line with the goals of the Saudi Arabia Vision 2030 and fosters electronic transactions, which are part of the overall digital economy of the Kingdom.
