Black Friday Data Reveals a Story of Growth
According to data from Cal, which operates in the credit market, the number of online purchases by Israelis on Black Friday grew by about 17% in credit card transactions compared to 2022. Additionally, credit card transaction volumes increased by about 21%. In contrast to November 2023, when the mood was depressed in Israel following the October 7th massacre.
Furthermore, data from Isracard shows that the average transaction amount has increased by 9.5% compared to 2023 across all consumption sectors, with the cities registering the highest transaction volumes being: Eilat, Rishon Lezion, Petah Tikva, Tel Aviv, and Jerusalem, but there was also a surge in transaction volumes in the Krayot.
According to Isracard, the tourism and leisure sector exhibited a growth of 268% in transaction volume compared to the previous year, alongside an increase of about 6.5% in transaction volume compared to 2022. Shagit Dotan, the incoming CEO of Max and VP of Private Customers, explains that: “similar to the period after COVID, we are seeing an increase in transactions in the aviation and tourism sector, which we term ‘revenge travel’, a phenomenon of compensating for a long time when people did not go on vacation.”
According to Amit Shagaya, VP of Data and Digital Marketing at Isracard: “The data on Israelis’ spending in November in general and on Black Friday in particular indicate growth in the business activity of the economy and a continuing trend of rising prices, compared to last year when activity slowed down following the war that broke out on October 7.”
