Israeli Spending Surges Over $14 Billion in September Amid Holiday Season
Translated & summarized from Maariv by baba
The story in 5 lines · by baba
- Israeli credit card spending reached a record 53.252 billion shekels in September.
- Daily average credit card spending hit a new high of 1.775 billion shekels.
- Spending on leisure, hotels, and dining saw significant holiday-driven increases.
- Physical store transactions and ATM cash withdrawals decreased during the period.
- The Rosh Hashanah and Yom Kippur holidays significantly influenced spending patterns.
Israeli consumers spent over 53 billion shekels in September, marking a new monthly record driven by holiday shopping and increased daily expenditures. The average daily spending on credit cards reached 1.775 billion shekels, a 1.7% rise from August. Overall credit card spending in September totaled 53.252 billion shekels, an increase of 6.2% compared to September of the previous year, when spending was 50.132 billion shekels.
Despite the overall rise in credit card usage, physical transactions at businesses saw a 2% decrease in daily average spending compared to August, reaching 743 million shekels. Cash withdrawals from ATMs also continued their decline, totaling 5.612 billion shekels in September, a 1.8% drop from the previous September.
The impact of the Rosh Hashanah and Yom Kippur holidays was particularly evident in specific consumption patterns. Spending on leisure and entertainment surged by 17.8% compared to the previous September. Hotels and accommodations saw a 17.6% increase in spending, while restaurants, cafes, and fast food establishments experienced an 11% rise. Travel agencies also reported a 10.1% increase in spending.
These figures reflect a significant shift in consumer behavior during the holiday period, with a notable increase in spending on experiences and travel, alongside a decrease in physical cash transactions.
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