Credit Card Spending Surges in Hospitality and Retail During Sukkot Holidays

During the intermediate days of Sukkot, overall credit card spending in retail increased compared to the previous week, which included Yom Kippur. However, comparing Tuesday through Saturday specifically reveals a downward trend, according to data from the Phoenix Gamma index.

The explanation may be that many households made their purchases and stocked up for Sukkot in the days leading up to the holiday eve, while during the intermediate days they traveled abroad or toured across the country.

The data shows that the most significant growth was recorded in the cafes and restaurants sector, with a 35% surge in purchasing volume, driven by a 25% increase in the number of transactions and a 10% rise in the transaction amount.

Two additional sectors recording solid increases were computers and cellular, up 27% compared to the previous week with an average transaction of 703 NIS, and fashion and footwear, up 21% with an average transaction of 217 NIS.

The most prominent spikes in purchasing volume occurred in Eilat and the North. Eilat saw a 54% surge, stemming mainly from a 65% increase in transaction count alongside a 7% drop in the average transaction amount. The North recorded a 45% jump as many people toured nature reserves and dined nearby.

Alongside vacations in Eilat and the North, many utilized the intermediate days to visit malls, which recorded a 26% increase in spending, and open-air commercial centers, which rose by 28%.

"As the Tishrei holidays end, the economy is expected to enter a transition period," says Nadav Lachmani, CEO of Control from Phoenix Gamma. "On one hand, businesses and consumers are returning to a regular routine of work and shopping. On the other hand, following holiday spending, we may see a month characterized by waiting for end-of-year sales and November shopping days."