Israeli spending on credit cards totaled NIS 39.389 billion and jumped 9% in November compared to last year | The average daily expenditure broke a new record and reached NIS 1.313 billion, 1.5% higher than the previous record in August 2022
Data from the SBA company, which manages and develops the national credit card payment system, indicates that the shopping holidays during the month of November, together with the sabbath day of the 25th Knesset elections, led to a high growth in spending by the Israeli public using credit cards. Spending in November amounted to NIS 39.389 billion, a figure that represents a jump of 9% compared to November 2021.
In November 2020, during which the exit from the second lockdown took place and there were still restrictions on economic activity due to the corona virus, the expenses on credit cards amounted to NIS 31.813 billion. In November 2019, total expenses reached NIS 29.937 billion.
The average daily amount of expenses on credit in November 2022 recorded a new record and stands at NIS 1.313 billion. This is a sharp increase of more than NIS 124 million in the average daily expenditure and a jump of 10.4% compared to October 2022.
The average daily expenditure on credit cards during the month of November is a new record and is 1.5% higher than the previous average daily expenditure record recorded in September 2022 during which the expenditure stood at NIS 1.294 billion. The average daily spending amount on credit cards in November 2021 was NIS 1.205 billion.
The expenses in online transactions registered a new record in November 2022 and reached the amount of NIS 23.344 billion. Compared to the November 2021 figure, which was NIS 21.297 billion, this is an increase of 9.6%.
The amount of daily spending in online transactions in November was 778.117 million NIS, a figure that represents a jump of 18.1% and approximately 119 million NIS in the average daily amount of spending online compared to October 2022 when the amount was 659.134 million NIS. The average daily spending online in November is a 4% increase compared to the previous record from September this year which was NIS 748.246 million.
Expenditures in physical transactions in the businesses themselves grew in November at a rate of 8.1% compared to last year. The amount of expenses in physical transactions was 16.045 billion NIS in November 2022 compared to a total amount of expenses in physical transactions of 14.841 billion NIS in November 2021. The average daily expenses in physical transactions in November was 534.846 million NIS, this is a 4% higher figure compared to October 2022 in which the amount of expenses The daily average in online transactions was NIS 512.791 million.
A decrease of 1.1% was recorded in November 2022 in the volume of cash withdrawals at bank ATMs compared to last year. The total withdrawal amount in November was NIS 5.292 billion compared to NIS 5.351 billion in November 2021. The average daily cash withdrawal amount in November 2022 was NIS 176.403 million, this is a 4.9% increase in the average daily cash withdrawal compared to October 2022 where the amount was NIS 168.096 million.
Ronit Tishler Pitti, SBA’s Vice President of Operations and Partner Relations, responded: “The Israeli public demonstrated consumer wisdom when it concentrated a significant portion of its spending around the special days of November. The combination of the shopping holidays in November, together with the election Sabbath at the beginning of the month, led that the expenses on credit cards registered new records.”