Consumer spending through point-of-sale (POS) transactions in the Kingdom recorded an 18% increase in July, reaching a total of $4.21 billion compared to $3.56 billion in the same period last year, according to a recent economic report.
The surge highlights the growing reliance on digital payment systems and the widespread adoption of advanced infrastructure provided by banks and financial service providers. It also reflects rising consumer confidence in technology-driven solutions that enhance the speed and efficiency of daily transactions.
Several sectors posted strong gains, most notably restaurants and cafes, clothing and footwear, as well as entertainment and travel. Analysts suggest the figures point to a recovery in domestic demand and higher consumer spending, contributing positively to overall economic activity.
This performance aligns with the objectives of Vision 2030, which seeks to build a diversified economy rooted in modern technologies and to promote a shift toward a less cash-dependent society. Experts predict that POS transactions will continue their upward trajectory in the coming months, supported by the growing use of e-wallets and mobile payment services.
