Riyadh –  Consumer spending in Saudi Arabia recorded an annual drop of 10.6% in the first eleven months of 2020, equivalent to SAR 106 billion.

The kingdom’s consumer spending stood at SAR 893.53 billion during the January-November period of the year, compared with SAR 999.5 billion in the same period in 2019, according to data collected by Mubasher based on figures from the Saudi Central Bank (SAMA).

Cash withdrawals from ATMs shrank by 22.5% or SAR 166.81 billion on a yearly basis to stand at SAR 573.826 billion by the end of the eleven-month period.

On the contrary, point of sale (POS) deals in the GCC state increased by 23.5% or SAR 60.84 billion annually to SAR 320 billion.

Consumers in the kingdom spent SAR 56.84 billion on the food and beverage sector, and SAR 35.186 billion and SAR 27 billion, respectively, on the restaurants and cafes, and the healthcare sectors.

In November, consumer spending totalled SAR 85.8 billion, a yearly rise of 0.45%.

Source: Mubasher

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