Point-of-sale (POS) transactions across the Kingdom saw a 5.3 percent increase during the first week of July 2024 compared to the previous week, according to data released by the Saudi Central Bank (SAMA).
The surge was largely driven by heightened spending in the hotel sector, reflecting seasonal demand and increased tourism activity.
Between June 30 and July 6, total POS transaction values exceeded SAR 11.8 billion, up from SAR 11.2 billion the week before.
The growth corresponds with the onset of the summer holiday season, which has brought a spike in domestic travel and hotel bookings.
Hotel spending led the growth with a notable increase of over 39 percent, indicating a strong demand for accommodation and hospitality services across the Kingdom’s major cities.
Other sectors that recorded positive performance included apparel and footwear, restaurants and cafes, and transportation services.
This uptick in POS transactions is viewed as a healthy sign of consumer confidence and a stable economic environment, supported by government initiatives promoting domestic tourism, entertainment events, and service-sector development.
Moreover, the rising trend in POS usage reflects the Kingdom’s broader push toward a cashless economy. It aligns with the goals of Vision 2030 to increase the adoption of digital payments and enhance financial inclusion nationwide.
