RIYADH: According to the most recent data, Saudi Arabia’s point-of-sale spending in June was approximately SR52.76 billion ($14.05 billion), representing a 1.75 percent increase over the previous year.
According to data from the Saudi Central Bank, or SAMA, a 0.32 percent increase in POS spending during this period, or 30% of SR15.73 billion, went towards food and drink, cafes, and restaurants.
Miscellaneous goods and services, such as personal care, supplies, maintenance, and cleaning, accounted for an additional 13 percent, or SR6.77 billion, of spending. This sector experienced the highest growth rate among the other sectors, at 23 percent.
According to a report released earlier this year by SAMA, the proportion of retail consumer electronic payments in Saudi Arabia rose from 62 percent of all transactions in 2022 to 70 percent in 2023.
The Financial Sector Development Program, a crucial component of Saudi Vision 2030, which aims to diversify and improve the financial services sector, is in line with this growth, driven by increased transactions processed through national payment systems.
Additional data showed that 7.26 percent of the total, or SR3.83 billion, was spent on apparel and footwear, a 6.87 percent decrease from June of last year.
In June, health-related spending accounted for 6% of all POS sales, or SR3.17 billion; however, this category experienced a 0.18 per cent decrease from the previous year.
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