KAWASA A TAO APIA NGENI PAGITUNGENIN NA MASULOT SALKANIN... Saudi families spent SR 7 billion on tourism abroad in summer last year, an increase of 28 percent compared to the previous year, according to an academic, quoting a study compiled by economists. Dr. Zaid Al-Ramani, an economic analyst and faculty member of Imam Muhammad bin Saud Islamic University, said 74 percent plan to travel during the summer period, either inside the country or abroad, while 25.8 percent prefer not to travel. He said that studies conducted on Saudi consumer behavior indicate that 40 to 60 percent of household income is spent on food; 15 to 20 percent on clothing, recreation, medical treatment and tourism; 5 to 10 percent on furniture and electronics; and 5 to 15 percent on education, housing and savings. He added that at 9 percent, the inflation rate in Saudi Arabia is at its highest level in 25 years. Al-Ramani said that Saudi families, particularly middle-income households, face a higher cost of living during the last three months of the year — Shaaban, Ramadan and Shawwal — because these months coincide with the summer holidays, Ramadan, Eid Al-Fitr and the back-to-school season. Many are forced to borrow money to cover their shortfall. Moreover, some of the financial problems faced by families are a result of poor budget planning. He said the amount spent on visiting places of entertainment in Jeddah during the few days of Eid is about SR 160 million. The average per capita spend is about SR 80 during Eid days and SR 40 on weekends. Al-Ramani said that spending more on consumer goods is normal during Ramadan in all countries of the Islamic world in general, particularly in the Kingdom. “We find there is a tendency to get overly excited about the purchase of various goods,” he said, adding that based on this, some experts estimate expenditure during Ramadan at around SR 1 billion. .
Posted on: Thu, 18 Jul 2013 01:14:53 +0000