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Sunday , January 29 2023

Kuwaitis, expats spending up by 30% during H1 of ’22

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Increase mainly driven by online purchases

KUWAIT CITY, Sept 4: The spending of citizens and residents increased by about 30 percent during the first half of this year (from January to the end of June). Their spending increased by KD 4.66 billion to reach KD 20.44 billion at the end of June 2022, compared to KD 15.78 billion at the end of June 2021, reports Al-Anba daily. According to statistics prepared by the daily based on official figures issued by the Central Bank of Kuwait, this increase was mainly driven by the increase in spending through points of sale (direct purchase with bank cards) by KD 1.8 billion, not to mention the increase in online purchases, which went up by KD 2.4 billion.

The figures showed that 95 percent of spending by citizens and residents during the first six months of the year was inside Kuwait at KD 19.48 billion. The spending outside Kuwait was less than five percent of the total spending of citizens and residents. The spending inside Kuwait rose by about 28 percent with a value of KD 4.28 billion to reach about KD 19.48 billion at the end of June 2022, compared to KD 15.2 billion at the end of June 2021. The spending outside Kuwait increased by 65 percent during the same period, approaching one billion dinars at the end of the first half of the year. This amounted to KD 957.6 million, compared to KD 580.7 million at the end of June 2021.

This increase was driven by the lifting of COVID-19 restrictions and the facilitation of travel movement, which is witnessing a record season during the current year. In detail, the spending data of citizens and residents through points of sale showed an increase in the volume of spending by up to 31 percent, amounting to KD 1.86 billion during the first 6 months of this year, as the value of purchases through points of sale by bank cards amounted to about KD 7.93 billion by the end of June 2022, compared to KD 6.06 billion at the end of June 2021.

Spending
Spending through points of sale at home increased by 27 percent, amounting to KD 1.594 billion during the first six months of the year, as its value reached at the end of June 2022 about KD 7.5 billion, up from KD 5.9 billion at the end of June 2021. This comes as the lifting of COVID- 19 restrictions and the record travel season witnessed this year stimulated the spending of citizens and residents through points of sale outside Kuwait, as their numbers doubled by 191 percent during the first six months only, with a value of KD 275.3 million, from KD 144 million at the end of June 2021 to reach KD 419 million by the end of June 2022. The total cash withdrawals by citizens via ATMs increased by 7.16 percent with a value of KD 374.3 million during the first half of this year. The total withdrawals amounted to KD 5.59 billion at the end of June 2022, compared to KD 5.22 billion at the end of June 2021.

Cash withdrawals by citizens and residents inside Kuwait increased by 6.3 percent, amounting to KD 324 million during the first half of 2022, with a total value of about KD 5.45 billion, compared to KD 5.12 billion at the end of the first half of 2021.

This comes as cash withdrawals from outside Kuwait recorded a significant increase by 54.37 percent, amounting to KD 50.3 million, to reach KD 142.8 million at the end of June 2022, compared to KD 92.5 million at the end of June 2021. The spending of citizens and residents on online purchases increased by 54 percent, with a value of KD 2.4 billion. The total spending on websites during the first half of 2022 amounted to about KD 6.9 billion, compared to KD 4.49 billion at the end of the same period in 2021