Saudi consumers go on spending spree as fighting wanes

Saudi consumers go on spending spree as fighting wanes

Consumer spending in Saudi Arabia rose by 38% in the week to May 2, one of the biggest swings on record, as a ceasefire in the Iran war and month-end salary payments sparked a wave of discretionary purchases. Saudis splashing out on restaurant meals and new clothes helped drive the spending data, the figures from the central bank show.The huge jump in spending compared to the previous week suggests the Gulf’s largest economy may be bouncing back…