The Israeli public's credit card use decreased by 15.8% last week, amounting to NIS 1.4 billion less than average, according to data from Sheba.
Expenses during the ninth week of the war (December 3 to 9) totaled NIS 7.659 billion, compared to the average weekly expenses of NIS 9.096 billion since the beginning of 2023.
In addition, credit card spending saw a decline of over NIS 2.5 billion compared to the 8th week of the war (November 26 to December 2), indicating a 24.8% decline in total spending by the Israeli public.
However, this decline can be attributed to the ending of the numerous Blue Friday and Cyber Monday sales and the improved mood during a lull in the war with Hamas in Gaza.
Which sectors of the Israeli economy have been on the decline?
Among the industries experiencing significant declines are hotel rooms and hospitality, with a 71% decrease compared to an average week; travel agencies, with a 65% decrease; entertainment and leisure, with a 24% decrease; and delicatessens, butchers, and bakeries, with an 18% decline compared to the average week in 2023.
Tali Hollenberg, VP of Marketing at Sheba, states, "It was expected that the combination of the end of November shopping promotions and the resumption of fighting in the South and North would lead to a decrease in credit card usage. Despite the declines in the clothing and footwear industry, some industries such as electronics and food continue to show signs of recovery."