Saudi spending on education, culture, recreation sees significant rise in early January
(MENAFN) Between December 29 and January 4, Saudi Arabian parents' spending on school-related purchases increased card transactions in the Kingdom to SR207.3 million (USD55.2 million), a 25.8 percent rise over the previous week. The spike occurred as students get ready to start classes again after the holiday break, which ends on January 12.
The weekly point-of-sale transactions report indicates that throughout the seven-day period, this sector saw the most increase. Additionally, the volume of transactions increased, rising by 0.6 percent to 131,000.
Overall, Saudi Arabia's POS spending increased by 9.2 percent over the previous week, from SR13.8 billion to SR15.1 billion. According to data from the Kingdom's central bank, the hotel industry experienced the second-largest increase, rising 15.1 percent to SR400.6 million.
After then, spending on culture and recreation increased by 14.8 percent to SR328.6 million. The amount spent on building supplies and construction increased by 3.9 percent to SR399.9 million, while jewelry transactions increased by 12.8 percent to SR355.4 million.
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