09 Jan 2025
RIYADH: Spending by parents of schoolchildren in Saudi Arabia boosted card transactions to SR207.3 million ($55.2 million) between Dec. 29 and Jan. 4, marking a 25.8 percent increase compared to the previous week.
The surge came as students prepare to return to schools following the mid-year break, which ends on Jan. 12.
According to the weekly point-of-sale transactions bulletin, this sector recorded the largest positive change over the seven-day period. It also witnessed growth in terms of the number of transactions, edging up by 0.6 percent to reach 131,000.
Overall, Saudi Arabia’s POS spending registered a weekly increase of 9.2 percent, reaching SR15.1 billion, up from SR13.8 billion the week before. Figures from the Kingdom’s central bank showed that the hotel sector saw the second-largest gain at 15.1 percent to SR400.6 million.
Spending on recreation and culture followed, recording a 14.8 percent uptick to SR328.6 million.
Transactions on jewelry recorded an increase of 12.8 percent to reach SR355.4 million, and expenditure on construction and building materials surged by 3.9 percent to SR399.9 million.
Similarly, spending on food and beverages also grew 3.9 percent to SR2.16 billion, claiming the biggest share of the total POS value.
Expenditure in restaurants and cafes followed, recording a 10.1 percent increase to SR2.13 billion.
Spending on miscellaneous goods and services accounted for the third biggest POS share, with a 12.3 percent uptick, reaching SR1.8 billion.