Small business sales in the U.S. rose slightly in April, according to the latest Fiserv Small Business Index released by Fiserv, Inc. (NYSE: FI). The seasonally adjusted Index increased by one point to 151, reflecting a 0.4% month-over-month increase in sales and a 3.2% increase year-over-year.
The report highlights a shift in consumer behavior as buyers continue to prioritize essential goods and services while cutting back on discretionary spending. “Even as consumer spending shows resiliency, market uncertainties appear to be driving budget-conscious consumers to reprioritize where they spend their money,” said Prasanna Dhore, Chief Data Officer at Fiserv. “Small businesses providing the essentials, including healthcare and grocery, saw strong gains in the month; conversely, discretionary spending, including parts of travel and retail saw growth slow.”
April’s year-over-year growth in transactions reached 6.9%, despite strong comparison numbers from the same period in 2024. Inflation contributed 2.4% to sales growth, consistent with March but lower than the 3.4% seen in April 2024.
Services Outpace Goods in Sales Growth
Services continued to outperform goods in April, a trend consistent throughout 2025. Year-over-year, services sales rose 3.6%, compared to 2.2% growth for goods. Leading service categories included Professional Services (+5.0%) and Ambulatory Health Care (+4.2%), while the steepest declines were seen in Accommodation (-5.0%) and Transit and Transportation (-1.9%).
On a monthly basis, Ground Transportation (+4.1%), Insurance (+2.7%), and Rental and Leasing (+7.1%) posted the highest growth. Accommodation services declined 0.6% following strong growth in March (+3.7%), pointing to reduced consumer interest in discretionary categories.
Dining Out Trends Show Consumer Caution
Restaurant sales at small businesses grew 1.8% year-over-year, but dipped 0.1% compared to March. Despite a modest increase in foot traffic (+0.6%), average ticket sizes dropped significantly by 7.8% from 2024, indicating a continued trend of cost-conscious consumer behavior.
Retail Sector Sees Mixed Results
Retail sales rose 2.2% year-over-year with flat growth in transactions (+0.1%). Grocery (+7.0%), Clothing (+5.3%), and Building Materials/Garden Supply (+4.6%) led annual retail growth. Gasoline Stations (-4.1%) and Health and Personal Care Retailers (-1.9%) experienced declines.
Month-over-month, retail sales increased slightly by 0.2%, while transactions and ticket sizes each rose by 0.1%. The strongest growth came from Gasoline Stations (+1.5%) and Building Materials/Garden Supply (+1.0%). Declines were noted in General Merchandise (-2.6%) and Sporting Goods (-1.5%).
About the Index
The Fiserv Small Business Index is a data-driven measure of U.S. small business performance, derived from actual point-of-sale transactions across roughly 2 million businesses. It incorporates cash, card, and check transactions conducted in-store and online. The Index is benchmarked to 2019 and includes sector-specific data, offering insights across 16 sectors and 34 sub-sectors, with regional and industry-specific filters based on NAICS classifications.
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This article, “Fiserv Reports Modest Uptick in Small Business Sales for April” was first published on Small Business Trends