Consumer spending in Saudi Arabia reached a historic level in March, amounting to 147.9 billion riyals (approximately $40 billion). This increase in spending was observed across all channels, including cash withdrawals, point-of-sale transactions, and e-commerce.
According to media reports, the strong consumer spending coincided with the blessed month of Ramadan, which saw increased expenditures on food and beverages, alongside purchases for Eid al-Fitr. Additionally, March salaries were disbursed to employees in government sectors.
The spending in March experienced a robust annual growth rate of about 17.3%, marking the highest pace since May 2021 and continuing a nine-month streak of annual growth.
Spending through point-of-sale systems accounted for approximately 44% of total spending in March, totaling 65.7 billion riyals ($17.52 billion), a record high according to data from the Saudi Central Bank.
E-commerce spending through Mada cards represented 19% of the total, amounting to 27.5 billion riyals ($7.33 billion), reflecting a significant increase exceeding 73%, which indicates a growing consumer preference for this type of expenditure.
Additionally, spending through cash withdrawals from ATMs rose by about 8%, reaching 54.8 billion riyals ($14.61 billion), aligned with consumer tendency to withdraw smaller denominations in preparation for Eid al-Fitr.
Tourism programs, particularly religious tourism, bolstered spending on certain activities in the hospitality, restaurant, and entertainment sectors, which collectively recorded sales of 10.3 billion riyals ($2.74 billion), with a growth rate of 6.4%.
