Israelis Spend Record NIS 1.75 Billion on Election Day

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Israelis spent a record 1.75 billion shekels on credit and debit cards during the recent election day, a 30.2% increase from the previous election. Spending surged across various sectors, with leisure, entertainment, and restaurants seeing the largest jumps. This increased economic activity helped mitigate the estimated 2.5 billion shekel loss in productivity due to the national holiday.

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Israelis spent a record NIS 1.75 billion on credit cards on election day, up 30.2% from 2022.
Leisure and entertainment spending jumped 72%, while restaurants and cafes saw a 54% increase.
Overall spending on election days has consistently risen, even after adjusting for inflation and population growth.
The increased commerce helped offset economic losses from the national holiday, estimated at NIS 2.5 billion.
Shva, the national payment system, released the final spending data.

Israelis Spend Record NIS 1.75 Billion on Election Day — איור מערכת שנוצר על ידי baba News, לא צילום של האירוע.

Israelis spent a record 1.75 billion shekels using debit and credit cards on the recent election day for the 26th Knesset, marking a 30.2% increase compared to the previous election in November 2022. The final data, released by Shva, the national payment system operator, shows a rise of approximately 400 million shekels from the 1.35 billion shekels spent during the 25th Knesset elections.

Throughout the election day, spending saw a significant surge, with Shva reporting a more than 40% increase in expenditures by 5 PM compared to the same hours in the 2022 elections. The overall daily increase, while substantial, was slightly lower than the interim figures suggested.

Shva data indicates a consistent upward trend in credit card spending on election days, even after accounting for inflation and population growth. Expenditures rose from 1.2 billion shekels in March 2020 to 1.25 billion in March 2021, and then to 1.35 billion in November 2022, culminating in the 1.75 billion shekels this year. This represents a nominal increase of about 47% in six and a half years. Considering a 19% rise in the consumer price index and a 12% population increase during this period, real per capita spending still grew by approximately 10%.

Analysis of spending by sector reveals notable increases. Leisure, entertainment, and attractions saw the highest percentage jump, with a 72% rise to 19.1 million shekels. Restaurants, cafes, and fast food experienced a 54% increase, totaling 181 million shekels, the largest absolute increase among sectors at about 63.5 million shekels. Clothing and footwear spending rose 26% to 168 million shekels, while supermarkets saw a 24% increase to 238 million shekels. Smaller food stores, convenience stores, and kiosks saw a 49% surge to 60 million shekels. The pharmaceutical sector grew by 33% to 51 million shekels, and electrical and electronics sales increased by a more modest 11% to 113 million shekels.

The surge in commerce on election day helped offset some of the economic impact of the national holiday, which had been estimated by the Israel Democracy Institute to cost around 2.5 billion shekels in lost productivity. However, this estimate factored in the increased spending that occurs on such days.

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