Consumer spending in Saudi Arabia at $24bln in January

Cash withdrawals from ATMs shrank by 17.4%

  
Saudi women push the shopping cart outside a supermarket during shopping before the expected increase of VAT to 15%, in Riyadh, Saudi Arabia June 29, 2020. Image for illustrative purposes.

Saudi women push the shopping cart outside a supermarket during shopping before the expected increase of VAT to 15%, in Riyadh, Saudi Arabia June 29, 2020. Image for illustrative purposes.

REUTERS/Ahmed Yosri

Riyadh – Mubasher: Consumer spending in Saudi Arabia was down by 2.4% or SAR 2.24 billion in January 2021 when compared to the year-ago month.

Total consumer spending in the kingdom reached SAR 89.24 billion in January 2021, down from SAR 91.47 billion in January 2020, according to data collected by Mubasher based on official figures.

Monthly, consumer spending tumbled by SAR 3.45 billion or 3.7% during January 2021.

Cash withdrawals from ATMs shrank by 17.4% or SAR 10.98 billion annually in January 2021 to SAR 51.96 billion.

On the contrary, sales transactions through points of sale (POS) across the Gulf country surged by 30.6% or SAR 8.74 billion yearly in January 2021 to SAR 37.27 billion.

Meanwhile, the number of transactions through POS climbed by 91.2% to 355.95 million deals.

Food and beverages dominated SAR 5.67 billion on POS purchases during January 2021, followed by restaurants and cafes with SAR 5.18 billion.

Source: Mubasher Exclusive

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