JEDDAH — Saudi household spending in Eid has increased 200 percent this year compared with the previous year, according to economic experts. It is expected that the families have spent so far SR200 billion on travel, entertainment, shopping, foodstuffs, furniture and social events. Experts have called for raising public awareness about the importance of saving. Dr. Habeebullah Turkistani, professor of economics King Abdulaziz University, said spending levels have doubled this year due to the fact that the country has various malls that sell myriad locally-made and imported products at fixed prices. Saudi shoppers have high purchasing power. Ibrahim Al-Subaee, a member of the board of directors, Al-Bilad Bank, agrees that the large number of supermalls attracts Saudis and drive them to spend money, add to this, of course, the banking facilities available to Saudis, which allow them to travel searching for more entertainment. "Malls have prepared well for Eid and put up attractive offers to lure Saudis and make them spend money. In Eid, most Saudis allocate a large chunk of their money to consumables, travel and entertainment," he explained. "Of course, this is wrong and does not show any wisdom in spending money. Buying too many things can put a family into a difficult situation resulting from lack of money."
