Consumer spending in Saudi Arabia during March 2023 has recorded a six per cent growth after reaching SR120.6 billion (about SR4 billion per day), compared to about SR113.8 billion in the same month of the previous year, according to data from the Saudi Central Bank.
The research revealed that consumer spending in the country has hit a record level with the growth of sales, mainly through the POS in Riyadh, Makkah and Madinah.
Riyadh city, which constitutes 32 per cent of the POS sales, has recorded a growth in sales by 12.9 per cent, reaching SR17.8 billion, while the spending in Makkah and Madinah has increased by about 32 per cent and 15 per cent during last month.
The spending through e-commerce via Mada cards has constituted about 11.2 per cent of the total spending during the month, with SR13.5 billion, which is considered the highest monthly spending.
The POS sales have also posted strong growth during March 2023 by around 8.7 per cent on an annual basis, also reaching a record level of SR55.41 billion. Meanwhile, the cash withdrawals declined by about 2.1 per cent to SR51.7 billion.
Compared to the month of February 2023, the spending has grown by about 23.3 per cent with an increase of SR22.8 billion, after the spending at that time recorded approximately SR97.85 billion.
In the clothes and shoes sector, the spending value amounted to SR4.69 billion, and around SR1.01 billion over the jewellery sector, while the POS sales of the entertainment and culture sector exceeded SR1.3 billion.
As for the quarterly basis, the spending has grown during the Q1 of 2023 by about 6.5 per cent compared to the same period last year, with a spending value of SR323.65 billion through the POS transactions and cash withdrawals, in addition to the e-commerce via Mada cards with an increase of SR19.76 billion.
