São Paulo – Consumer spending in Saudi Arabia jumped 34.7% to SAR 17.5 billion (USD 4.6 billion) in the week leading up to Ramadan, from February 23 to March 1, Arab News reported.
The latest point-of-sale transaction data from the Saudi Central Bank, also known as SAMA, revealed 231.3 million transactions reflecting a seasonal spike in demand as Saudis prepare for Ramadan, a holy month characterized by large daily fast and collective meals at sunset.
The food and beverage sector led the surge, with spending soaring 74.9% week on week to SAR 3.3 billion (USD 879 million). Spending on public utilities followed closely, with a 55.9% rise, amounting to SAR 81.5 million (USD 21.7 million). Expenditure on furniture also recorded a notable surge at 46% to SAR 524.5 million (USD 139.7 million).
There was also an increase in spending by Saudis on clothing and footwear, telecommunications, recreation and culture, jewelry, restaurants and cafes, construction materials, and electronics. The SAMA survey recorded a decrease in spending on education, hotels, and gas stations. Geographically, Riyadh dominated POS transactions, representing around 33% of the total.
Read more:
Festival of Ramadan boosts consumption in Muslim countries
Translated by Guilherme Miranda
