Riyadh, Saudi Arabia —Consumer spending in Saudi Arabia grew by 8 percent to SAR 111.5 billion ($29.73 billion) in November 2023 from nearly SAR 103.3 billion during the same month a year earlier, according to the Saudi Central Bank’s (SAMA) monthly bulletin.
Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions, and e-commerce sales through “Mada, Argaam reported
POS transactions jumped 12 percent year-on-year (YoY) to around SAR 52.4 billion in November.
Data showed that 798.7 million transactions were processed through 1.74 million POS terminals during the same month.
POS transactions represent what is spent by consumers using their ATM and credit cards in shopping malls, retail stores, pharmacies, etc., Argaam reported.
Cash withdrawals from ATMs rose by almost 1% YoY to roughly SAR 45.6 billion in November.
These withdrawals were processed from 16,000 ATMs through 127.3 million transactions.
E-commerce sales through Mada cards climbed 20 percent YoY to SAR 13.5 billion in November. The sales were made through 78.1 million transactions, according to Argaam.
E-commerce sales include Mada cards payment and purchase transactions through shopping websites and online applications, but do not include transactions made through Visa, MasterCard, and other credit cards.