Consumer spending in Saudi Arabia during March 2023 grows by 6%

Consumer spending in Saudi Arabia during March 2023 grows by 6%

RIYADH — The consumers spending in Saudi Arabia during march of 2023 recorded a growth by 6% after reaching SR120.6 billion (about SR4 billion per day), compared to about SR113.8 billion at the same month of the previous year, with a difference of SR6.8 billion.

According to Al-Eqtisadiah, based on data from the Saudi Central Bank (SAMA), the consumers spending in the Kingdom has reached a record level with the growth of sales, mainly through the Points of Sales (POS) in Riyadh, Makkah and Madinah.

Riyadh city, which constitutes 32% from the POS sales, has recorded a growth in sales by 12.9%, reaching SR17.8 billion, while the spending in Makkah and Madinah has increased by about 32% and 15% during march 2023.

The spending through e-commerce via Mada cards has constituted about 11.2% from the total spending in March 2023, with SR13.5 billion, which is considered as the highest monthly spending.

The POS sales has also recorded a growth during March 2023 by about 8.7% on an annual basis, reaching a record level as well by SR55.41 billion, while the cash withdrawals recorded a decrease by about 2.1% to SR51.7 billion.

Compared to the month of February 2023, the spending has grown by about 23.3%