As the holy month of Ramadan commenced, Saudi Arabia witnessed a remarkable surge in consumer spending, shattering records with sales exceeding SAR 116 billion in just the first week. This unprecedented economic boom reflects the Kingdom’s robust retail sector and the heightened consumer activity that Ramadan traditionally brings.
The first week of Ramadan saw a flurry of activity across the Kingdom, with consumers partaking in 168.61 million transactions. The food and beverages sector soared to new heights, accounting for the highest transaction value of SAR 22.6 billion, underscoring the cultural significance of communal iftars and suhoors during the fasting month.
Not far behind, the miscellaneous goods and services category, encompassing a diverse range of products and services, reported transactions worth SAR 13.8 billion. This category’s performance is indicative of the wide array of consumer needs and preferences being catered to during Ramadan.
Riyadh Leads the Charge
Riyadh, the vibrant capital city, emerged as the epicenter of this retail revolution, contributing a staggering SAR 38.7 billion to the total sales. The city’s dynamic economy was on full display, with its residents engaging in over 51.83 million transactions, a testament to the capital’s economic vitality and consumer confidence.
Other major cities like Jeddah, Makkah, and Dammam also showcased their unique economic characteristics, each contributing significantly to the national sales figures and reflecting the diverse spending patterns across the Kingdom.
A Reflection of Cultural Traditions
The sales figures not only represent an economic milestone but also mirror the deep-rooted cultural traditions of generosity and hospitality during Ramadan. The significant increase in spending on food and social gatherings highlights the essence of the month, where families and communities come together in celebration and reflection.
As Saudi Arabia continues to navigate through this period of economic prosperity, the first week of Ramadan has set a promising precedent for the remainder of the month, with expectations of continued growth and vitality in the retail sector.
