Fiserv Small Business Index remains at 148
Year-over-year sales grew +1.5%
Fiserv, Inc. , a leading global provider of payments and financial services technology, has published the Fiserv Small Business Index for October 2025, with the seasonally adjusted Index holding steady at 148.
Year-over-year sales (+1.5%) and transactions (+1.1%) both grew, but this was the slowest annual sales growth rate since February 2025. Month-over-month sales (+0.1%) and transactions (+0.1%) each saw small increases compared to September 2025. When adjusted for inflation, small business sales (-1.4%) declined year over year, the steepest decline of the previous eight months.
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“Consumers continued spending cautiously in October, pulling back significantly at restaurants and across many discretionary categories,” said Prasanna Dhore, Chief Data Officer, Fiserv. “Small retailers, however, did see an uptick in sales – a positive indicator as these businesses move deeper into the holiday shopping season.”
Key Takeaways
Retail Accelerates from September, Year-Over-Year Pace Slows
Small business retail sales grew (+0.7%) month over month and (+0.6%) year over year. Core Retail, which excludes more volatile categories, was stronger, with sales growth (+1.6%) month over month and (+2.6%) year over year. Significant monthly sales gains were in Sporting Goods (+3.0%) and Clothing (+1.9%), two discretionary categories that benefit from early holiday-themed sales activity. Food and Beverage (grocery) sales were up (+1.4%) month over month, buoyed by increased foot traffic and higher average tickets.
Discretionary Spending Stalls, Essential Purchases Deliver Most of the Growth
Discretionary spending rose (+0.2%) year over year, but Essential sales growth maintained a faster pace (+2.5%), widening the gap between Essentials and Discretionary. Compared to September, Discretionary spending was unchanged (+0.0%) while Essentials rose modestly (+0.4%).
Restaurant Sales Slip Across the Board
Restaurants continue to face headwinds, with sales growing slightly (+0.1%) year over year for October, and declining (-0.3%) month over month. Bars and pubs saw a decrease in foot traffic (-0.5%) and sales (-0.1%) compared to September. Full-service restaurants continued to struggle with month-over-month sales (-0.1%) and foot traffic (-0.2%) dropping while average tickets (+0.2%) grew. Limited service (or quick-service) restaurants saw month-over-month sales (-0.6%) and foot traffic (-0.8%) decrease, while average tickets rose (+0.2%).
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