Consumer spending in Saudi Arabia during March 2023 experienced a 6% increase, reaching a total of SAR 120.6B (about SAR 4B per day), in contrast to the same month in the previous year, which had recorded about SAR 113.8B, indicating a difference of SAR 6.8B.
The data, sourced from the Saudi Central Bank (SAMA), was reported by Al-Eqtisadiah, revealing a record level of consumer spending growth in the Kingdom, primarily through the Points of Sales (POS) in Riyadh, Makkah, and Madinah. Riyadh, accounting for 32% of POS sales, recorded a sales growth of 12.9%, with sales in Makkah and Madinah increasing by approximately 32% and 15%, respectively, in March 2023, according to Saudi Gazette.
In March 2023, Consumer Spending in Saudi Arabia via e-commerce using Mada cards accounted for approximately 11.2% of the total spending, totaling SAR 13.5B, which was the highest monthly spending figure. Furthermore, the Point of Sales (POS) sales witnessed an annual growth of about 8.7% in March 2023, reaching a record level of SAR 55.41B, while cash withdrawals saw a decline of about 2.1% to SAR 51.7B. Comparing March 2023 to February 2023, spending had increased by approximately 23.3%, which was an increase of SAR 22.8B, as spending during that time was recorded at about SAR 97.85B.
The spending on restaurants and cafes through the POS increased by 3.3% on an annual basis, reaching SAR 7.16B in March. This spending accounts for 12.9% of the total POS spending. The food and beverages sector also experienced growth, with POS sales amounting to approximately SAR 9.38B, a growth of 14.8%. This sector represents about 16.9% of total spending.
In terms of other sectors, spending on clothes and shoes amounted to SR4.69 billion, while spending on jewelry was about SAR 1.01B. Additionally, POS sales for the entertainment and culture sector exceeded SAR 1.3B.
On a quarterly basis, the total spending through POS transactions, cash withdrawals, and e-commerce via Mada cards during Q1 of 2023 increased by approximately 6.5% compared to the same period in 2022. The total spending value was SAR 323.65B, with e-commerce via Mada cards showing an increase of SAR 19.76B.
