Hotel spending drives Saudi POS transactions to $3.5bn
The latest data from the Kingdom's central bank, SAMA, revealed that the sector recorded SR281.56 million in transaction value, while the number of payments rose 4.6 percent to 839 million.
The overall POS value for the week dipped by 8.2 percent, with the number of transactions dropping by 3 percent to 223.57 million.
According to SAMA's bulletin, the education sector saw the largest decrease, dropping by 27.6 percent to SR102.21 million. Spending on miscellaneous goods and services ranked next, decreasing 15.6 percent to SR1.51 billion, but still accounting for the third-largest share of the POS value.
Restaurants and cafes, the division with the most significant share of total POS value, recorded a 1.7 percent decrease to SR1.92 billion, while the food and beverages sector saw a 13 percent decrease, totaling SR1.84 billion and claiming the second-largest share of this week's POS.
The top three categories accounted for approximately 40.2 percent of the week's total spending, amounting to SR5.28 billion.
Other smallest spending drops were in gas stations, slipping by 2.6 percent to SR948.99 million, and spending on building materials, which decreased by 3.7 percent to SR330.83 million.
The health and furniture sectors also saw downward changes, decreasing by 7.6 percent and 4.9 percent to reach SR805.09 million and SR275.70 million, respectively.
Spending on clothing and footwear dipped by 7.3 percent to SR827.14 million, followed by a 6.9 percent decrease in spending on transportation.
Expenditure on jewelry followed the trend, declining 7.9 percent to SR305.49 million.
Geographically, Riyadh dominated POS transactions, with expenses in the capital reaching SR4.47 billion, an 8.1 percent decrease from the previous week.
Jeddah followed closely with a 7.9 percent dip to SR1.89 billion, while Dammam ranked third, down 7.9 percent to SR626.13 million.
Makkah saw the smallest decrease, inching down 1.1 percent to SR530.71 million, followed by Abha with a 3.6 percent decrease to SR209.73 million.
Hail recorded 3.99 million deals in activity volume, down 5.3 percent from the previous week, while Tabuk reached 4.57 million transactions, dropping 15.5 percent.
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