Israeli Credit Card Spending Reaches 51.6 Billion Shekels in October
Israelis spent 51.6 billion shekels on credit cards in October, a 12.5% annual rise. Spending was influenced by Sukkot, the October 7 memorial, and election day.
Israelis spent 51.6 billion shekels using credit cards in October, marking a 12.5% increase compared to the same month last year, according to data from Sheba, which manages national payment systems. Despite the high total, the figure remains below the peak summer months, led by July, when spending reached 54.9 billion shekels. The monthly figure reflects several opposing trends in consumer behavior, including the Sukkot holiday at the beginning of the month, the third anniversary of the October 7 attacks, and a parliamentary election day at the end of the month.
October began during the intermediate days of Sukkot, a period characterized by partial economic activity, vacations, and reduced commercial turnover. This was compounded by the national commemoration of the October 7 anniversary, which saw a noticeable slowdown in retail activity. On October 7 itself, public spending across 11 major retail sectors dropped to approximately 768 million shekels, compared to 845 million shekels on a baseline Wednesday on October 14, representing a 9.1% decline. The drop was particularly pronounced in restaurants and cafes, where spending fell by 12.6%, and in clothing and footwear stores, which recorded a 14% decrease.
Conversely, consumer activity surged significantly on election day, October 27, which was declared a day off. Spending across the same 11 retail sectors exceeded the one billion shekel mark. In restaurants and cafes, the public spent 181 million shekels compared to 127 million on a standard day, while fashion and apparel stores reached 175 million shekels compared to 103 million shekels. However, because election day fell on a Tuesday, comparisons to a standard Wednesday do not fully isolate weekly cyclical effects. On a monthly basis, the daily average spending dropped by 6.2% compared to September, settling at 1.66 billion shekels.
Calendar shifts also complicate year-over-year comparisons, as Yom Kippur and most of Sukkot fell in October this year, whereas last year they occurred in September, artificially inflating the annual growth rate. Sector-specific data highlighted a sharp 18.1% surge in restaurant and cafe spending to 4.05 billion shekels. Meanwhile, spending at gas stations grew by 13.8% to 1.93 billion shekels, partly driven by higher fuel prices, with a liter of 95-octane gasoline priced at 7.77 shekels for most of October, compared to 7.23 shekels in October of the previous year.
