MENA - Consumer & Retail: Spotted in Consumer: Strong Hajj & Eid Spend in Saudi Bodes Well for Q2 Topline

Research evidence excerpt

MENA - Consumer & Retail: Spotted in Consumer: Strong Hajj & Eid Spend in Saudi Bodes Well for Q2 Topline

Idea

June 10, 2026 04:00 AM GMT

Morgan Stanley & Co. International plc (ADGM Branch)+MMENA - Consumer & Retail | Europe Rashad Kawan

Equity Analyst

Spotted in Consumer: Strong Rashad.Kawan@morganstanley.comMorgan Stanley & Co. International plc+ +971 2 596-3603

Yomna Moheieldin

EconomistHajj & Eid Spend in Saudi Bodes Yomna.Moheieldin@morganstanley.com +44 20 7677-0771

EEMEA - Consumer & RetailWell for Q2 Topline

Europe

Industry View In-Line

In this publication, we aim to bring you the most interesting Relevant publications:

charts that we come across on a regular basis in a brief and

concise manner. In today's edition, we illustrate how domestic • Saudi Arabia Economics & Equity Outlook:

Saudi spend in the key Hajj and Eid al-Adha holiday season Buffers Extend the Cycle (June 2026)

remained robust, with variability across categories. • Spotted in Consumer: Domestic Saudi Spend

Holding Up ( April 2026)

Key Takeaways

We compare the week of Eid al-Adha and the weeks immediately pre and post Eid

in 2026 vs 2025 to assess point-of-sale ("POS") spend dynamics

Overall spend was resilient in those weeks, with 2026 +4% vs 2025 levels

F&B spend particularly strong at +14% y/y, helped by price increases; hotel spend

+11% suggests less international travel and more domestic discretionary spend

We see data as supportive for topline performance across the MENA Consumer

sector in Q2

In our recently published outlook, we highlighted that private consumption

should remain resilient in 2026 with ~3% y/y growth, despite trade disruptions

Exhibit 1: Total international Hajj Exhibit 2: ...which aided an overall

pilgrims were +3% y/y in 2026 vs the +4% increase in POS spend through the