Israelis' spending on credit cards continues to rise

Israelis' spending on credit cards continues to rise

Data from Sheba (Automated Bank Services), developer and manager of the national credit card payment system, indicate that in June 2024, the 9th month of the “Iron Swords” war, business activity in the economy continued the trend of growth and led to the fact that the scope of monthly and daily spending on credit cards Record it compared to June last year.

During June 2024, the expenses of the Israeli public using credit cards reached a total of NIS 41.972 billion. This is an increase of 2.133 billion NIS and 5.3% compared to June 2023 when the total expenses in credit stood at 39.839 billion NIS. The average daily amount of expenses in June 2024 touched the threshold of 1.4 billion NIS and stood at 1.399 billion NIS, and it was 1.3% and 20 million NIS lower than the average daily amount in May 2024 which reached a peak and stood at 1.418 billion NIS.

In June 2024, an increase of 5.7% was recorded in the volume of expenses in online transactions compared to June 2023. The total expenses in online transactions reached the amount of 23.948 billion NIS in the past month, this is an increase of 1.29 billion NIS compared to the amount of 22.654 billion NIS recorded in June 2023. The average daily expenses in online purchases was close to the NIS 800 million threshold and stood at NIS 798.267 million. This is a slight decrease of 2.4% compared to May 2024, during which the average daily spending in online transactions reached a peak.

The volume of purchases in physical transactions increased by 4.9% compared to June 2023. In June 2024, a volume of expenditures of 18.024 billion NIS was recorded in physical transactions carried out in the businesses themselves, this is an increase of 4.9% compared to the amount of 17.185 billion NIS recorded in June 2023. The average daily expenditures in physical transactions in the month The transient recorded a slight increase of 0.2%. In June 2024, an average daily amount of NIS 600.811 million was recorded compared to NIS 600.653 million in May 2024.

The amount of cash withdrawals from bank ATMs decreased by 7.3% compared to June 2023. The total amount of cash withdrawals in June 2024 was 5.426 billion NIS compared to the amount of cash withdrawals of 5.852 billion NIS in June 2023. The average daily cash withdrawals in June 2024 was 180.859 million NIS And was 3.8% higher than the daily average in May 2024 which reached the amount of NIS 174.318 million. In August 2023, the average daily cash withdrawals from bank ATMs recorded a record of NIS 194.942 million.

The vice president of the Sheba company, Tali Hollenberg, said that “the credit card spending figures, which continue to grow from month to month, are affected by the decrease in the public's use of cash, as well as the price increases in the food, transportation, and tourism sectors. Despite the continuation of the war, private consumption in the economy is on an upward trend and is also affected Because there is an increase in the number of Israelis who are in Israel compared to the corresponding period last year. Although there were no holidays or special dates in June, we still saw that the amount of daily spending on credit remained stable and presented data similar to those in May this year.”

Illustration. Photo: pixabay

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