Despite the war: 14% increase in physical credit card purchases/ShutterStock
During the month of February 2024, the expenses of the Israeli public using credit cards reached a total of NIS 38.511 billion.
This is an increase of NIS 3.3 billion compared to February 2023, when the total expenses in credit stood at NIS 35.214 billion - an increase of 9.4%, this is according to data from Sheba (Automated Bank Services), which develops and manages the national credit card payment system, which presents strong data on expenses Israelis with credit cards.
The day of the local elections, which fell on February 27 and was a Saturday, was a record day with over NIS 1.577 billion, during which high expenses were recorded in the restaurant industry with NIS 132.986 million, electricity and electronics with NIS 103.486 million, clothing and footwear with NIS 131.017 million, aviation with NIS 17.181 million, entertainment and leisure with NIS 10.814 million.
The average daily amount of expenses in February 2024 was NIS 1.328 billion and it was 1.3% lower than the average daily amount in January 2023 which was NIS 1.346 billion.
The highest daily expenditure average was recorded in August 2023 and was NIS 1.363 billion.
Especially impressive increases in the physical stores
Online transactions
- in February 2024 there was a 6% increase in the amount of spending in online transactions compared to February 2023. The total spending in online transactions reached the amount of NIS 21.973 billion in the past month, this is an increase of NIS 1.25 billion compared to the amount of NIS 20.723 billion recorded in February 2023.
Average spending Daily online purchases recorded a 5% decrease in February compared to January 2023. In the second month of 2024, the average daily spending in online transactions was NIS 757.704 million compared to NIS 797.596 million in January 2024.
Transactions in physical stores
- the volume of purchases in physical transactions increased by a rate of 14.1 % compared to February 2023. In February 2024, an amount of expenses of NIS 16.537 billion was recorded in physical transactions carried out in the businesses themselves, this is an increase of 14.1% compared to an amount of NIS 14.491 billion recorded in February 2023. The
average daily expenses in physical transactions in the past month recorded an increase of 3.9% compared to January 2024, in January an average daily expenditure of NIS 548.622 million was recorded compared to NIS 570.241 million in February this year.
In August 2023, the average daily amount of expenses in physical transactions reached a peak and stood at NIS 608.159 million.
Cash withdrawals
- for the first time since October 2023, there was an increase in the amount of cash withdrawals from bank ATMs, and it increased by 4.4% compared to February 2023. The total amount of cash withdrawals in February 2024 was NIS 4.923 billion compared to the amount of cash withdrawals of NIS 4.716 billion in February 2023.
Average withdrawals The daily cash in January was NIS 169.744 million and was 7.3% higher than the average daily withdrawals recorded in January and was NIS 158.257 million.
In August 2023, the average daily cash withdrawals from bank ATMs was NIS 194.942 million.
"More Israelis in Israel"
VP of Sheba, Tali Hollenberg:
"Also in February, the trend of an increase in spending on credit cards continued compared to the corresponding period in 2023.
The increase in spending on credit is beyond the price increases in the various sectors of the economy and is also based on the fact that there are many more Israelis in Israel than in the corresponding period.
February data show that the tourism industries continued to recover and the main consumption industries, food of all kinds, electricity and electronics, clothing and footwear, are growing, compared to last year."
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