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Saudi Arabia’s point-of-sale value rises to $3.4 billion as food spending rises: SAMA
CAIRO: Food and beverage sales contributed to a 23% increase in point-of-sale transactions in Saudi Arabia in the week ending October 1, the latest weekly data from the Saudi Central Bank has revealed. .
Sales rose by SR2.4 billion ($640 billion) last week to SR12.8 billion, the biggest percentage increase since the week ending July 30.
POS is an economic term used to describe what consumers spend using their ATMs and credit cards at retail stores, malls, and pharmacies, among other places.
That five-week peak fell just below SR13.5 billion in POS transactions recorded in the week ending September 3, SAMA data showed.
This spike was mainly due to increased spending on food and beverage services, with the sector’s total point-of-sale transactions increasing by SR681.3 million to SR2.1 billion over the course of the year. week ending October 1st, registering a growth of 47.9% compared to the previous week.
Of the 17 industries, 16 saw an increase in the value of POS transactions:
Other – Up to SR382.3 million; up to SR 1.2 million the previous week
Miscellaneous goods and services — Up to SR 342.9 million; down SR4.9 million last week
Health – Up to SR 219.6 million; down SR7.6 million the previous week
Transport – Up to SR 164.3 million; down SR30.7 million the previous week
Petrol Stations – Up to SR 102.3 million; down SR26.1 million last week
The education sector saw the largest percentage change in the week ending October 1, both in transaction value and number of transactions.
The industry’s POS transaction value increased by 115.6% to SR184 million, while the number of POS transactions increased by 51.9% to 170,000.
The only sector that saw fewer point-of-sale transactions – both in number and value – during this week was hotels.
The sector’s POS value fell by SR23.2 million to SR215.9 million, while the number of transactions fell by 42,000 to 562,000 transactions.
In terms of the number of point-of-sale transactions, food and beverages also led the way with an increase of 4.4 million transactions during this week to reach 37.2 million transactions.
Restaurants and cafes — Up to 3.7 million; down 0.5 million the previous week
Miscellaneous goods and services — Up $2.9 million; down 0.9 million the previous week
Other— Up 2.6 million; down 0.4 million the previous week
Health – Up 1.6 million; down 0.5 million the previous week
Petrol stations – Up to 1 million; down 0.4 million the previous week
The city of Riyadh, which has the largest share of POS transactions, saw an 11.4% increase in the number of transactions in the week ending October 1, compared to a 3.1% drop the previous week. .
The city saw a 20.2% increase in the value of POS transactions in the week ending October 1, compared to just 0.3% the previous week.
The Kingdom’s capital recorded a total POS value of SR4 billion, up SR1 billion from the previous week.
As for the number of POS transactions in Riyadh, it increased by 7.7 million compared to the previous week, reaching 57.6 million during the week ending October 1.
Jeddah followed with SR1.9 billion in POS transitions, which increased by SR253.8 million in the week ending October 1.
The number of transactions in the city reached 21.9 million, up 1 million from the previous week.