Saudi Central Bank Reports Significant Changes in May Spending

Saudi Arabia's point-of-sale spending in the fourth week of May has been a topic of interest, with official data revealing some intriguing insights. The Saudi Central Bank, SAMA, reported a notable increase in spending on electronic and electric devices, reaching SR240.4 million. On the other hand, the largest spending category, beverages and food, saw a slight decrease to SR1.66 billion during the same period.

Transactions at restaurants and cafes, a significant portion of overall spending, decreased by 4.8 percent to SR1.64 billion. Similarly, spending on miscellaneous goods and services experienced a decline to SR1.36 billion. Education spending, although a smaller percentage of the total, showed a slight increase to SR152.48 million.

The hotel sector faced a substantial decline in point-of-sale transactions, dropping by 10.9 percent to SR227.13 million. Riyadh emerged as the leading spender, contributing 35.44 percent of the total spending at SR3.97 billion. Despite a slight decrease from the previous week, Riyadh's economic growth and investment opportunities continue to attract new businesses, solidifying its position as a key development hub.

Jeddah followed closely behind with 14.3 percent of total spending, amounting to SR1.60 billion. However, Makkah and Madinah witnessed significant drops in spending at 11 percent and 6.8 percent, with transaction values of SR380.98 million and SR393.26 million, respectively.

The data on Saudi Arabia's point-of-sale spending in May provides valuable insights into consumer behavior and economic trends. Despite fluctuations in different sectors, Riyadh's resilience and growth potential stand out, showcasing the city as a promising destination for businesses. Understanding these spending patterns can help businesses tailor their offerings to meet consumer demands effectively.