Israeli Shopping Event Sees Modest 3% Sales Increase Amid Black Friday Wait

Israelis spent 3.5 billion shekels during the "Shopping IL" sales event, a modest increase of only 3% compared to the previous year, according to data from Shva, the national payment system operator. The sales event took place on November 4th and 5th. This year's growth is attributed partly to price increases over the past year, contrasting with a more robust over 15% growth seen in "Shopping IL" last year. Many Israelis are reportedly holding back on purchases, anticipating Black Friday, which falls on November 27th.

Online sales during "Shopping IL" saw a smaller increase of 1.41%, totaling 1.87 billion shekels. However, spending on leisure and entertainment experienced a significant surge of 24%, reaching 21 million shekels. Restaurants, cafes, and fast food outlets saw an 18% rise in sales, amounting to 262.6 million shekels, while the hotel industry reported a 14% increase in spending, totaling 63.8 million shekels. Travel agencies also benefited, with credit card spending on vacation bookings up 10.7% to approximately 90 million shekels.

Other sectors also saw moderate growth. Spending in electronics and appliances stores increased by 4.6% to 244.8 million shekels. The fashion industry grew by 4%, with expenditures reaching 226 million shekels. Clothing and sports equipment saw a 6% rise, totaling 29 million shekels.