Fiserv Small Business Index Holds Steady As Consumers Remain Cautious Through September

Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology, has published the Fiserv Small Business Index for September 2025, with the seasonally adjusted Index holding steady at 148 for a third consecutive month.

Year-over-year sales (+2.3%) and transactions (+2.3%) grew steadily, and average ticket sizes (+0.1%) increased modestly compared to 2024. Month-over-month sales (+0.1%) and transactions (+0.3%) saw small increases; average ticket sizes fell (-0.2%) slightly compared to August.

“Pragmatism continued to guide consumer spending in September, with discretionary purchases slowing and the essentials seeing the most growth,” said Prasanna Dhore, Chief Data Officer, Fiserv. “This continuation of budget-conscious purchasing resulted in slower growth in categories like Arts, Entertainment, Recreation, and Retail, while Professional Services, Healthcare and many other essential industries grew.”

Key Takeaways

Retail grows year-over-year; remains sluggish month to month

Small business retail sales grew (+1.6%) year over year, led by Sporting Goods, Hobby, and Miscellaneous Retailers (+5.3%), Furniture and Appliance Retailers (+5.3%) and Clothing, Show and Jewelry Retailers (+5.1%). Yearly growth came despite a slowdown (-0.3%) month over month. Food and Beverage Retailers contributed most significantly to the near-term slowdown, contracting -1.5% month over month. Core Retail (which excludes the volatile categories of Gasoline Stations, Motor Vehicle and Parts Dealers, and Building Materials) faced even stronger headwinds (-0.6%) month-over-month.

Consumers continue to be pragmatic with purchases

Discretionary spending rose (+1.5%) year-over-year, but Essential sales grew at nearly double the pace (+2.9%). The overall slowdown in momentum across small business sales is evident here as well, with discretionary purchases dropping (-0.1%) month-over-month and essential spending rising modestly (+0.3%).

Bars and pubs outperformed full-service and quick-service restaurants in September

Restaurant sales grew +1.2% year-over-year and +0.3% month-over-month. The strongest momentum in restaurants was observed at Bars and pubs, which saw an increase in sales (+1.6%) and foot traffic (+1.1%) compared to August. Full-service restaurants experienced much smaller sales growth (+0.3%) month-over-month and a slight increase in foot traffic (+0.2%). Quick-service restaurants saw increased foot traffic (+0.4%) and sales (+0.1%) growth.