Election Week Boosts Israel Retail Spending as Fashion and Malls Surge
Credit card data shows a rise in retail spending during election week, led by fashion and malls, despite double-digit drops in tourism and electronics, according to the Phoenix Gamma Index.
Credit card spending rose across most retail sectors during election week compared to the previous week, led by fashion, according to the latest data from the Phoenix Gamma Index tracking consumer behavior.
The strongest shopping day of the week was election Tuesday itself. Compared to an average October weekday, purchase volumes surged by 32% and the number of transactions increased by 29%. The fashion sector led with a 90% spike in turnover, while restaurants and cafes saw gains of 60% and 56%, respectively.
Shopping malls recorded a 102% surge in turnover, and open-air commercial centers grew by 88%. Street-front shops edged up by just 13%, whereas online shopping volumes dropped by 14% relative to an average October weekday, as consumers headed out to physical stores on their day off.
On a weekly basis, the fashion sector grew by 8% compared to the previous week and 19% year-on-year, with the average transaction reaching approximately 232 shekels. Online purchases jumped by 21% over the week thanks to digital promotional campaigns, while malls grew by 12% and open-air centers by 9%. Conversely, street-front shops registered a 5% decline.
Nadav Lachmani, CEO of Control at Phoenix Gamma, noted that the data points to a stable market with an upward tendency. "The past week reflects a stable market with an upward trend, as the fashion sector continues to strengthen with the onset of winter and online retail grows at an impressive pace," Lachmani stated. Looking ahead, market attention shifts to November and December sales, though security developments could impact the broader economy.
