Saudi Consumer Spending Rises 3.5% Amid Riyadh Season Boost

Saudi Arabia's consumer spending rose 3.5% in the week ending September 26, reaching SR13.37 billion ($3.57 billion). The increase is attributed to a surge in hotels, recreation, and furniture sales.

The number of point-of-sale transactions increased by 1% to 243.59 million during the same period. Spending on education fell 51.5% week-on-week to SR87.56 million, while the number of education-related transactions dropped 34.6%.

Economist Talat Hafiz pointed out that Saudi Arabia's expanding calendar of sporting and entertainment events is driving domestic leisure spending. He noted that the upcoming Riyadh Season in October could boost tourism-related activity and non-oil economic growth.