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Saudi Arabia’s consumer spending rises by 2.1% in Q1

Saudi Arabia’s consumer spending rises by 2.1% in Q1

Riyadh - Mubasher: Consumer spending in Saudi Arabia increased by SAR 5.3 billion, or 2.08%, during the first quarter (Q1) of 2021, compared with the same period of last year.

Recent data by the Saudi Central Bank (SAMA) showed that consumer spending reached a total of SAR 260.8 billion in Q1-21, compared with SAR 255.5 billion in Q1-20.

Point of sale (POS) sales also increased by SAR 29.9 billion, or 37.7%, during the same period, to reach SAR 109.17 billion.

Meanwhile, cash withdrawals declined by SAR 24.6 billion, or 13.96%, to SAR 151.64 billion, compared with SAR 176.24 in the first three months of 2020.

On a quarterly basis, Saudi consumer spending declined by 1.6%.

The food and beverage sector registered a 35% annual growth in consumer spending to SAR 17.38 billion, while spending in restaurants and cafes surged by 58.5%.

Spending on healthcare increased by 28.2% to SAR 8.49 billion.

The Kingdom’s capital, the city of Riyadh witnessed a 33.1% growth in its total consumer spending to SAR 34.42 billion.