Q3 2025 - Essentials lead while retail lags: A pragmatic quarter for small business.

The Fiserv Small Business Index increased 1 point from Q2 to 148 in Q3.

Highlights:

• Consumer spending continued to grow despite sluggish foot traffic. July’s pace slowed through September on smaller tickets and slower inflation.
• Essentials outpaced discretionary spending, a trend that reflects ongoing consumer caution and a prioritization of necessity-driven purchases.
• Retail performance was uneven and under pressure, with sales fluctuating month to month. Services were the main driver of growth in Q3.

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.