Small Business Sales Spring Forward in March, Fiserv Small Business Index Reports

Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology, has published the Fiserv Small Business Index for March 2025, with the seasonally-adjusted Index rising three points to 150, a notable acceleration from February. Growth was driven by strong demand for services and increasing restaurant foot traffic, even as restaurant spending declined.

“U.S. consumers spent locally despite the economic narrative,” said Prasanna Dhore, Chief Data Officer, Fiserv. “March small business sales improved from February with a shift in consumer spending away from retail and into services and non-discretionary spending.”

On a year-over-year basis, small business sales (+5.5%) and total transactions (+6.7%) continued to show healthy growth. Month-over-month sales (+1.8%) and transactions (+2.3%) also accelerated. Adjusting for inflation, sales grew (+3.0%) year-over-year and (+1.5%) month-over-month.

Services Surge with Professional Services Leading Growth

Sales at service-based businesses grew (+6.2%) year-over-year. The fastest-growing service categories were Hospitals (+26.3%), Information (+11.7%), Professional Services (+11.5%), and Truck Transportation (+11.4%). In contrast to last March, Amusement, Gambling and Recreation (-3.3%), Transit and Ground Passenger Transportation (-2.1%), and Accommodation (-0.1%) all declined year-over-year.

Compared to February 2025, Information (+10.9%), Insurance (+7.1%), and Rental and Leasing (+7.1%) services were the fastest-growing categories. The only category to decline was Repair and Maintenance Services (-0.1%).

Restaurant Foot Traffic Continues to Grow

Consumer spending at small business restaurants declined (-0.6%) year-over-year despite transactions (or foot traffic) growing (+7.9%); the inverse relationship is driven by lower average ticket sizes (-8.5%) compared to 2024, continuing a trend that has persisted over the past quarter.

On a month-over-month basis, total restaurant sales (+2.7%) and transactions (+1.8%) grew. Average tickets (+1.0%) increased slightly compared to February.

Retail Growth Cools as Consumers Shift Priorities

Small business retail sales (+3.2%) and transactions (+3.6%) grew year-over-year, led by General Merchandise (+11.4%), Furniture (+6.7%) and Building Materials and Garden Supply (+6.1%). Gasoline Stations (-3.0%) were the only retail category to see a year-over-year sales decline, a result of lower fuel prices (-4.8%).