Fiserv Small Business Index Q1 2025 Summary

Small business sales shift and grow as consumers anticipate changes

The Fiserv Small Business Index increased 2 points over Q4, up to 148.

Highlights:

• Overall sales growth was +4.3% YoY,  +1.8% MoM
• Consumers continued to spend, despite significant declines in confidence
• Consumers spent on large-ticket retail items to mitigate potential tariff impacts, but overall spent more on services and essentials than on discretionary items

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

Disclaimer: Small businesses are defined by the U.S. Small Business Administration definitions and extrapolated to reflect total U.S. sales and distribution. The Fiserv Small Business Index does not reflect Fiserv financial performance.