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Is the cost of living burdensome? The credit expenses of the Israelis have soared since the beginning of the year Israel today

2023-02-12T11:33:48.650Z


According to Sheba company data, Israelis spent 39.29 billion shekels on credit cards in January • This is an increase of about 5.5 billion shekels compared to the corresponding month last year, 4.9% compared to December • And what about the cash? Its use also seems to continue to rise


The trend of a jump in Israelis' spending on credit cards continues:

according to Sheba (Automated Bank Services) company data published today (Sunday), Israelis' spending on credit cards in January 2023 reached NIS 39.29 billion - an increase of about NIS 5.5 billion and 16.2% compared to the same month last year.

According to the data, the daily spending on credit cards in January was NIS 1.267 billion, this is the third highest monthly figure recorded in Israel.

The amount of daily expenses in January was 4.9% higher than in December 2022.

Nearing the end of using cash?

Not sure (for illustration), photo: GettyImages

A particularly significant growth was recorded in January in the expenses registered in the businesses, which increased by 17.7% compared to last year's figures.

The purchases in the physical transactions amounted to NIS 15.726 billion compared to an amount of NIS 13.361 billion in January 2022.

Online spending also grew significantly and registered an increase of 15.2 percent.

The volume of purchases in online transactions (without presenting a card) in January 2023 was NIS 23.565 billion compared to NIS 20.456 billion in January 2022. This is the second highest online purchase average in history after the figure recorded in November 2022, the month of Black Friday, when the expenses were NIS 778.117 million.

The volume of online spending in January was 11.1% higher compared to December 2022.

Online shopping (illustration), photo: Getty Images

The amount of daily cash withdrawals from bank ATMs also increased in January by 12.9% compared to the same month last year.

In January 2023, cash withdrawals from ATMs totaled NIS 5.236 billion compared to NIS 4.636 billion in January last year.

Compared to the volume of cash withdrawals in December 2022, which was NIS 5.363 billion, a 2.3% decrease was recorded in January.

VP of the Sheba company, Tali Hollenberg: "The Israeli public started the year by strengthening the trend of increasing spending on credit cards.

The January 2023 data is dramatically better than January 2022. We estimate that the reason for the jump in spending is related to the enormous changes in the consumption habits adopted by the Israeli public and which have continued throughout the last period since the Corona crisis and after it - the accelerated transition to online purchases, the expansion of the use of advanced payment methods, digital wallets and smart watches, on The cash account".

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Source: israelhayom

All news articles on 2023-02-12

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