Riyadh – Mubasher: Consumer spending in Saudi Arabia slid by 12% or SAR 130 billion ($34.6 billion) during 2020 when compared to the previous year.
The kingdom’s consumer spending reached SAR 956.068 billion last year, compared to SAR 1.086 trillion a year earlier, according to data collected by Mubasher based on official figures.
Cash withdrawals from ATMs fell by SAR 200 billion or 25% on a yearly basis in 2020 to stand at SAR 598.77 billion, whereas point of sale (POS) deals in the kingdom rose by 24% annually to SAR 357.3 billion.
Consumers in the GCC state spent SAR 62.5 billion on the food and beverage sector and SAR 40 billion and SAR 29.81 billion, respectively, on the restaurants and cafes, and the healthcare sectors.
During December 2020, consumer spending declined by 7.24% on an annual basis, reaching SAR 88.177 billion.
