Fiserv: April small business sales increase over 2024
Even as consumers plan to trim discretionary spending, small business sales improved in April.
The Fiserv Small Business Index for April 2025 saw small business sales increase (+3.2%) year-over-year, along with total transactions (+6.9%). Month-over-month sales (+0.4%) and transactions (+0.3%) also rose. The seasonally-adjusted index reached a score of 151, a one point increase from March.
“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.”
Compared to 2024, small business retail sales (+2.2%) and transactions (+0.1%) grew slowly, led by grocery (+7.0%), clothing (+5.3%) and building materials/garden supply (+4.6%). Gasoline stations (-4.1%) and health and personal care retailers (-1.9%) declined.
On a monthly basis, retail sales (+0.2%), transactions (+0.1%) and ticket sizes (+0.1%) were nearly flat. The most sales growth came from gasoline stations (+1.5%) and building materials/garden supply (+1.0%). Sales slowed most in general merchandise (-2.6%) and sporting goods (-1.5%).
Small business restaurant sales grew modestly year-over-year (+1.8%). On a monthly basis, sales (-0.1%) declined and foot traffic (+0.6%) grew compared to March. Compared to 2024, average ticket sizes are down significantly (-7.8%) despite total transactions being up (+9.6%).
Compared to April 2024, sales of services (+3.6%) continued to outperform goods (+2.2%), which has been the case for each month of 2025. Top-performing service categories included professional services (+5.0%) and ambulatory health care (+4.2%). Sales declined most in accommodation (-5.0%), and transit and transportation (-1.9%).
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Compared to March 2025, ground transportation (+4.1%), insurance (+2.7%), and rental and leasing (7.1%) services were the fastest-growing categories. Sales in accommodation (-0.6%) declined after seeing significant growth a month prior (+3.7%), which Fiserv says points to consumers pulling back in discretionary categories.
