"Israeli Credit Card Spending Plummets by 29% During the first week of 'Iron Swords' War"

A significant 29% drop in Israeli credit card spending was reported, as per data provided by the SBA, which oversees the national credit card payment system. Israeli citizens, grappling with the ongoing crisis, spent approximately NIS 6.457 billion, a stark contrast to the average weekly credit card expenditure of NIS 9.096 billion throughout the year.

The impact of this expenditure decline was most profoundly felt in various sectors. Notably, the clothing and footwear industry experienced a staggering 75% decrease in expenses, amounting to NIS 103.837 million. The furniture and housewares stores sector recorded a substantial 69% drop, totaling NIS 138.917 million, while the flower shops and nurseries sector saw a significant decline of 61%, reaching NIS 11.141 million.

On a positive note, certain industries bucked the trend and witnessed an upsurge in credit card spending. Food chains, for instance, saw a remarkable 45% increase, totaling NIS 1.673 billion. In the delis, butchers, and fish shops sector, a modest 3.5% growth was recorded, reaching 69.439 million NIS. The aviation sector stood out with an impressive 90% surge in credit card spending, reaching NIS 96.327 million. This surge was primarily attributed to the mass cancellation of flights to Israel by foreign companies, prompting many Israelis to return to their homeland. This surge also accommodated those who needed to expedite their return or find alternative flight options amidst the flight cancellations by foreign carriers.

The "Iron Swords" war continues to have a profound impact on the Israeli economy, with consumers and industries adapting to the challenging circumstances.