Friday, June 21, 2024
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Saudi Arabia’s Point-of-Sale Spending Has Reached a Record $16 Billion, Based on SAMA.

RIYADH: According to official data, food and beverage transactions contributed to point-of-sale payments in Saudi Arabia reaching a record SR59.68 billion ($15.91 billion) in March.

According to figures released by the Saudi Central Bank, also known as SAMA, spending has increased by 8% per year across all sectors, with outlays during the holy month of Ramadan most likely driving the increase, as well as an expanding market with flexible payment options.

In March, the largest portion of total payments was spent on food and beverages, accounting for 17% of total payments. Restaurant and cafe expenditures and miscellaneous goods and services accounted for 12 percent of total spending.

Redseer Strategy Consultants predicted in February that Saudi consumers would be eager to explore new attractions and destinations during Ramadan.

Their survey, probing changes in shopping behavior for Ramadan 2024 compared to the previous year, revealed that 62 percent of Saudi respondents planned to increase their spending, exceeding 48 percent of respondents from the UAE.

In February, Redseer Strategy Consultants predicted Saudi consumers would be eager to explore new attractions and destinations during Ramadan.

Their survey, which looked at changes in shopping behavior for Ramadan 2024 compared to the previous year, found that 62 percent of Saudi respondents planned to increase their spending, outnumbering 48 percent of respondents from the UAE.

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