Consumer spending in Saudi Arabia grew by 8% during August

Data revealed that consumer spending recorded a growth of 7.7% in August on an annual basis, and rose by 10.3% on a monthly basis, while consumer spending in the same period in 2022 recorded an increase of 13.2% on an annual basis and grew by 4% on a monthly basis. .

The total cash withdrawals amounted to 46.3 billion riyals, distributed over a period worth 28.3 billion riyals, and the share of banks amounted to 18 billion riyals, which made them grow slightly by 0.5% on an annual basis, compared to 46.1 billion riyals in the same period in 2022, distributed over a period worth 27.8 billion riyals and banks worth 18.3 billion riyals, thus recording a decrease of 1.4% on an annual basis.

Looking at point-of-sale operations, sales amounted to 54.6 billion riyals, which increased by 10% and were divided according to sectors, as the services sector recorded a good performance, with an increase in the education sector by approximately 30% on an annual basis, and the public utilities sector with an annual change of about 17%. %, while many commodities witnessed declines on an annual basis, as the building materials sector recorded a decline of about 6%, and the furniture and appliances sectors recorded a decline rate of about 5%, compared to that in the same period of the previous year, points of sale recorded sales of 49.6 billion riyals, which Making it increase by 21% on an annual basis

E-commerce transactions recorded 14.3 billion riyals, compared to 11.2 billion riyals in August 2022.

The previous indicators are cash withdrawals, point-of-sale operations, and e-commerce transactions. The indicators measure consumer spending, which is considered the most important driver of economic growth and reflects consumers’ confidence, vision, and aspirations.