By Innovation-sa on July 18, 2018 in News
According to reports published by Saudi Arabian Monetary Agency (SAMA), consumer spending in Saudi Arabia has hit a record high amount of SR91.10 billion this May in comparison to SR84.11 billion during the same month in 2017.
The report attributed the 23-month high spending to extensive household shopping by locals and expatriates at the end of Sha’ban and the beginning of Ramadan. Due to increased consumer spending, banks and ATMs across the Kingdom witnessed large-scale withdrawals, registering an increase of 4.3 percent compared to May 2017.
In May 2018, 93 percent of consumer spending were on foodstuffs and drinks, representing 13.7 percent of goods at sales points. Entertainment sector showed a growth of 31 percent with sales points adding up to SR992 million while the spending on communication sector reached SR184 million.
Saudi Gazette – 16 July 2018