Israelis are buying less. According to data from SHVA, which develops and manages the national credit card payment system, in the first five days of the "Swords of Iron" war, there was a 33% decrease in the volume of expenditures by the Israeli public using credit cards.
Between Saturday and Wednesday (October 7th to 11th, 2023), Israelis spent over 4.424 billion Shekels using credit cards. This is in contrast to an average of over 6.592 billion Shekels spent by the Israeli public on credit cards from Sunday to Wednesday since the beginning of June 2023.
Additional data from the company shows that in just four sectors of the economy, there was an increase in spending compared to the average amount spent in them from Sunday to Wednesday in the recent period. These sectors experienced an increase in spending in the aviation sector (84%), food networks (69%), pet supply stores (23%), and pharmacy and drugstores (4%).
Prominent sectors that experienced sharp declines in spending in comparison to the average include clothing and footwear (80% decrease), electricity and electronics (-47%), book and toy stores (-64), entertainment and leisure (-73%), restaurants and coffee shops (-60%).
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