Israelis Made More Transactions But Spent Less Ahead of Jewish New Year
Fintech firm Hyp reports that ahead of the Jewish New Year, Israelis made more transactions but spent less money overall amid rising living costs.
The cost of living continues to impact Israeli households, with fintech company Hyp releasing data on consumer spending ahead of the Jewish New Year. According to the findings, the Israeli public carried out more transactions but spent less money overall.
Spending Trends and Supermarket Data
The number of transactions during the ten days leading up to the holiday increased by 2.3% compared to the same period last year. However, total purchase volume dropped by 6%, and the average transaction amount shrank by 8%. In supermarkets, the number of transactions remained nearly identical, but Israelis spent an average of 16 shekels less per shopping trip, with the average transaction dropping by 8% from approximately 281 shekels last year to around 258 shekels this year.
"The consumer activity continues and even slightly increases, but transactions are being carried out for lower amounts, reflecting a shift in spending habits amid the rising cost of living."
Holiday Discounts and Chain Promotions
Against the backdrop of efforts by many Israelis to cut monthly and weekly costs, retail chains periodically announce price reductions on sought-after consumer goods. In honor of the holidays, "Shufersal" announced a special promotion for its customers.
For example, purchasing four jars of Beit HaShita pickled cucumbers costs 20 shekels, while Hellmann's mayonnaise is priced at just 10 shekels. Additionally, two packages of pasta from La Molisana or PUMINO are sold for 10 shekels, and two packs of Rizelle Persian rice cost 10 shekels.
