According to data released by the Saudi Central Bank, spending by Saudis decreased for the second consecutive week in the seven days ending May 20. The food and beverage sector saw the largest drop in point-of-sale (POS) value, falling by SR136.17 million ($36.3 million), or 8%. The aggregate POS transactions in the Kingdom fell by 7.3% last week, totaling SR10.1 billion, driven by the decrease in food and drink spending. Of the 17 sectors mentioned, 16 saw a decline in their weekly POS transactions, with the jewelry sector seeing a 0.1% rise. The number of POS transactions declined by around 10.6 million last week, compared to a fall of 1.1 million the week before.
Friday, October 27, 2023
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