In Q2 2025 small businesses find growth amid uncertainty and expanding consumer frugality.

TThe Fiserv Small Business Index increased 1 point from Q1 to 149 in Q2.

Highlights:

• Small business year-over-year sales growth remains positive in many sectors, despite a slowing pace moving month to month through Q2.
• Consumers have become more selective and value-driven in their choices. Average ticket values are down in discretionary categories.
• Spending on essentials has consistently outpaced discretionary categories throughout the quarter, reflecting recalibration amid economic uncertainty.

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.