RIYADH: Consumer spending in Saudi Arabia remained resilient in the year to March, with outlays on low-cost goods rising 3.3 percent, according to a new report by NielsenIQ.
The analysis by the consumer intelligence company showed that spending on tech and durables also rose by 0.2 percent.
The findings are in line with data recently released by the Saudi Central Bank, which showed that Saudi consumer spending hit an all-time high in March, surging 17 percent to SR148 billion ($39.45 billion) — the highest monthly figure since May 2021 — before easing to SR113.9 billion in April.
The trend is further supported by the increased use of digital point-of-sale transactions and rising e-commerce activity through Mada card payments.
In NielsenIQ’s report, Andrey Dvoychenkov, general manager at the firm, credited the strategic visions and initiatives across the region for helping to drive continued economic momentum.
