The Tishrei holidays led to limited business activity in the economy - according to this morning (Thursday) data from the Sheba Company, which manages and develops the national credit card payment system.
The data shows that the growth in spending by the Israeli public using credit cards in October 2022 experienced a slowdown due to the lack of working days during the Tishrei holidays.
The expenses in October amounted to NIS 35.671 billion, a figure that represents a small increase of 1.3% compared to October 2021.
In October 2020, during which the second lockdown took place and there were restrictions on economic activity due to the corona virus, the expenses on credit cards amounted to NIS 25.89430.184 billion. In October 2019, the total expenses reached NIS 27.797 billion.
The average daily amount of expenses on credit in October 2022 was only NIS 1.189 billion.
This is a sharp decrease of more than 105 million shekels in the average daily expenditure and a decrease of 8.1% compared to September 2022, during which the average daily expenditure reached a peak and stood at 1.294 billion shekels.
In addition, for the first time since April 2020, a 2% decrease in spending in online transactions was recorded in October.
Spending in online transactions in October 2022 recorded a decrease of 2% compared to last year, this is the first time since April 2020, when the Corona crisis began, that a decrease in the volume of spending online compared to the previous year was recorded.
Israelis in the mall // Archive photo: Gideon Markowitz,
The monthly expenditure in online transactions reached a total of NIS 19.774 billion in October.
In October 2021, the amount of expenses in online transactions reached NIS 20.175 billion.
The amount of daily spending in online transactions in October was NIS 659.134 million, a figure that represents a decrease of 12% and approximately NIS 90 million in the average daily amount of spending online compared to September 2022 when the amount was NIS 748.246 million.
The average daily spending amount on credit cards in October is the lowest figure since April 2022 when the amount was NIS 1.179 billion.
The volume of cash withdrawals from bank ATMs decreased by 5.1 percent, photo: Vertical
It also shows that the volume of cash withdrawals from bank ATMs decreased by 5.1 percent compared to last year and amounted to NIS 5.21 billion. The total withdrawal amount in October was NIS 5.211 billion compared to NIS 5.489 billion in October 2021. The average daily cash withdrawal amount in October 2022 was NIS 173.681 million, This is the lowest figure recorded since April of this year when the average daily cash withdrawal amount was NIS 172.853 million.
Expenditures in physical transactions in the businesses themselves grew in October at a rate of 5.8% compared to last year.
The amount of expenses in physical transactions was 15.897 billion shekels in October 2022, compared to a total amount of expenses in physical transactions of 15.026 billion shekels in October 2021. The average daily expenses in physical transactions in September was 529.884 million shekels, a decrease of 2.9% compared to September 2022 in which the amount The average daily expenditure in physical transactions was NIS 545.448 million.
According to Ronit Tishler Pitti, SBA's Vice President of Operations and Partner Relations: "The lack of working days in the economy during the month of October, as a result of the Tishrei holidays, led to the fact that spending on credit cards moderated and did not break records like in previous months. Our expectation is that in November, thanks to the Sabbath day in the elections , and on the special shopping days during the month we will return to see the expenses on credit cards grow."
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