Holiday 2025 – Small business retail growth outperforms big-box

A holiday season defined by fewer transactions, selective timing, more intentional spending.

Highlights:

• A holiday season defined by fewer transactions, selective timing, more intentional spending.
• Overall, spending was highly concentrated around major retail moments, but demand softened outside of these high-visibility periods.
• Small business holiday sales told a different story of transaction growth with smaller average tickets, especially from Core Retail.

Note: the Fiserv Small Business Index refreshes with updated data on the 2nd of each month

Disclaimer: Small businesses are identified per the Small Business Administration definitions and extrapolated to reflect total U.S. sales and distribution. This report does not represent Fiserv financial performance.