Retail Sales Surge on Israeli Election Day
Written by: Aaron Katsman | February 13, 2009
Economic slowdown? What Economic slowdown? The results are in and the Israeli election day, which is a banking holiday, showed a surge in retail sales. Maybe we can now understand the strong Israeli growth rates over the last 5 years, as the country keeps on holding elections and consumers spend spend spend. Apparently, even in a tight economy, consumers still want to open up their pocketbooks.
According to a Ynet report: “Some overcrowded malls were forced to close their gates as early as 11 am and bar any additional shoppers from entering. The stormy weather did not deter Israelis from visiting open malls as well. Big Shopping Centers reported proceeds in coffee shops and restaurants 200%-400% higher than on weekdays. Do It Yourself stores and pharmacies said sales increased by a twofold and revenues in fashion chains were two to three times higher.”
For a country with no Sunday, and outside of religious holidays, only one national holiday a year ( Independence day) Israeli’s showed their thirst for getting out on a day off to shop, sit at a cafe..etc.. basically what we would call leisure.
Maybe this can spur legislation to make Sunday a day off as well, and get Israel coordinated with the global economy?
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