Saudi Arabia's point-of-sale transaction value remained above $3 billion in the week ending June 27, driven by increased spending in the food and beverages sector, official data showed. According to the latest report by the Saudi Central Bank (SAMA), the total POS transaction value in the Kingdom stood at SR12.60 billion ($3.36 billion), representing a 1.9 percent increase compared to the previous week.
Steady Growth Reflects Consumer Confidence
The steady growth reflects sustained consumer confidence and Saudi Arabia's continued shift toward digital payments and a cashless economy under Vision 2030. According to the SAMA report, the number of POS transactions, however, declined by 1.1 percent to 224.30 million.
Food and Beverages Lead Spending
The value of transactions in the food and beverages sector stood at SR1.97 billion, representing an increase of 2 percent compared to the previous week. Purchases in the Kingdom's restaurants and cafes amounted to SR1.57 billion, up 1.7 percent from the previous week.
Sector Breakdown
The value of POS transactions in the apparel, clothing, and accessories sector came to SR1.02 billion, followed by spending in the transport sector at SR950.56 million and at gas stations of SR915.76 million. In the health sector, POS spending amounted to SR791.24 million, while transactions for professional and business services stood at SR730.37 million.
City-Wise Spending
Riyadh recorded the highest value of POS transactions, with spending in the capital reaching SR4.49 billion, marking a 1 percent increase compared to the previous week. Jeddah recorded POS transactions worth SR1.75 billion, up 2.8 percent from the previous week. In Dammam, POS spending totaled SR631.51 million, followed by Makkah at SR473.26 million and Madinah at SR465.27 million. Alkhobar recorded POS spending of SR369.18 million, while spending in Buraidah and Abha amounted to SR313.69 million and SR167.91 million, respectively.
Implications for Economic Diversification
The latest data suggest consumer confidence in the Kingdom remained strong despite persistent global economic headwinds, supporting Saudi Arabia's ongoing economic diversification and transformation efforts.
