The ceiling of estimates on the demand and the acceleration of commercial movement in the various economic sectors during the holy month of Ramadan increased compared to the same period last year, experts told Asharq Al-Awsat.
The Saudi retail sector - the second largest contributor to the non-oil GDP – is witnessing remarkable activity this period with the high demand for many food and consumer goods.
While the sector covers more than 420 activities, food and beverages, vehicles, clothes and gifts dominated the volume of spending during the first days of Ramadan.
The retail sector, which currently employs more than two million workers, will open new horizons for employment and is expected to generate new job opportunities and triple the size of its revenues in the coming years, with the implementation of the projects within Saudi Vision 2030.
Economic Expert Dr. Luay Al-Tayyar told Asharq Al-Awsat that if the situation returns to normal after the pandemic, the volume of spending by the local consumer will increase, which will gradually boost the purchases by 25% of the total public spending throughout the year.
He added that retail, travel and tourism were witnessing a gradual growth, stressing that the consequences of the coronavirus pandemic would take several months to overcome.
“The volume of spending witnessed a decline last Ramadan and focused on basic necessities. Therefore, ahead of this season, we saw various service-providing activities compete in presenting their offers with the aim of attracting the largest segment of consumers,” he remarked.
For his part, Economic Expert Marwan al-Sharif told Asharq Al-Awsat that the month of Ramadan would witness the return of commercial activity and the growth of sales, which declined in the same period last year due to the outbreak of the coronavirus.
He stressed however the importance of consumer awareness to prevent excess spending.
