Saudi Consumer Spending Drops 6.8% to 12.6 Billion Riyals
Point-of-sale spending in Saudi Arabia fell 6.8% weekly to 12.60 billion riyals, with airline spending dropping 29.7% and hotels down 17.7%.
Consumer spending through point-of-sale terminals in Saudi Arabia fell by 6.8% on a weekly basis to 12.60 billion riyals ($3.36 billion) in the week ending October 17, according to Arab News.
Airline spending plunged by 29.7%, while hotel spending dropped by 17.7% during the same week.
Economist Talat Hafiz, speaking to the newspaper, attributed this decline to regional geopolitical conditions and a preference for staying within the Kingdom rather than traveling abroad.
The drop in airline and hotel spending points to a shift in travel and entertainment spending patterns, at a time when the Saudi market is monitoring the impact of regional tensions on consumer behavior.
What do these terms mean?
Point of Sale: Devices or systems where payment transactions are recorded in retail stores, restaurants, and other businesses, with data used to measure spending.
Consumer Spending: The total amount spent by individuals on purchasing goods and services during a specific period.
Weekly Basis: Comparing a figure directly to the immediately preceding week, rather than to the same period last year.
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