Israelis Shatter Spending Records on Election Day
Translated & summarized from Ice by baba
Israelis spent NIS 250.78 million on election day for the 26th Knesset, a 26.5% increase from the previous general election. The peak spending hour saw NIS 2.39 million transacted in just one minute. While fashion and dining saw significant boosts, food delivery services experienced a 78% drop as people opted for in-person activities.
The story in 5 lines · by baba
- Israelis spent NIS 250.78 million by 11 AM on election day, a 26.5% rise from the last general election.
- A single minute at 10:57 AM saw transactions totaling NIS 2.39 million.
- Fashion and apparel transactions surged by 198% on election day.
- Average spending at restaurants and cafes increased by 50% to NIS 75.
- Food delivery services saw a 78% decrease in transactions on election day.
Israelis demonstrated unprecedented consumer behavior on election day for the 26th Knesset, flocking to shopping centers, entertainment venues, and cafes. Payment giants reported a significant surge in credit card activity, turning the day into a major spending spree. According to Shva (Automated Banking Services), which manages the national payment system, between 8:00 AM and 11:00 AM, total expenditures reached NIS 250.78 million. This represents a substantial 26.5% increase compared to the same period during the 25th Knesset elections on November 1, 2022, when spending was NIS 198.31 million. The current consumer activity also surpasses the municipal elections on January 30, 2024, by 10.6%, with NIS 226.81 million spent in the earlier hours.
The peak of this spending occurred at precisely 10:57 AM, with transactions totaling approximately NIS 2.39 million in a single minute, averaging over 11,300 transactions per minute. Data from the fintech company Hyp corroborated these figures, showing a 13% overall increase in transaction volume by 10:00 AM compared to the previous week.
The fashion and apparel sector saw a dramatic 198% rise in the number of transactions. Additionally, the average basket size in this sector grew by about 17%, from NIS 278.98 to NIS 326.64. Restaurants and cafes also experienced a 10% increase in transactions, with the average bill jumping by 50% from NIS 50 to NIS 75, indicating many Israelis chose to combine voting with dining out.
Conversely, the food delivery sector suffered a significant downturn, with a 78% drop in transactions. This decline is attributed to people leaving their homes to vote and enjoy the holiday, opting for in-person activities over home deliveries. The combination of a national holiday, pleasant weather, and the desire to get out contributed to this shift in consumer behavior, benefiting physical businesses.
