.S. small business sales growth was driven largely by the higher prices consumers are paying for goods and services, according to Fiserv’s Fiserv Small Business Index.
“In April, small business spending remained resilient on the surface, but sales growth continued to be sustained by price-driven gains rather than increased demand,” says Prasanna Dhore, chief data officer, Fiserv. “As prices stay elevated, consumers are adjusting how they spend. They are visiting less often, prioritizing value and moderating nonessential categories – behaviors that sustain dollars spent while keeping overall foot traffic muted.”
Key takeaways:
· The seasonally adjusted Index remained at 144. Small business sales rose (+1.1%) year over year, supported by higher average tickets (+2.8%). This marked the largest year-over-year average ticket increase since 2022 and the fifth consecutive month with average tickets growing more than +2.0%. Transactions (foot traffic) declined (-1.7%) year over year. On a monthly basis, both sales and transactions were flat (+0.0%) compared to March.
· Restaurant sales declined year over year (-1.6%) and month over month (-0.2%). Limited-service restaurants experienced notable declines, with sales down (-4.8%) year over year and foot traffic falling (-5.1%) even as average tickets held steady.
· Full-service restaurants posted modest gains year over year (+0.8%) and month over month (+0.2%), despite flat foot traffic (-0.1% year over year, +0.3% month over month) and rising average tickets (+0.9%) compared to 2025. These results reinforce a continuing shift to Full-Service dining as consumers become more selective amid fewer overall visits.
· Rising fuel costs likely contributed to higher average tickets across service segments that are likely to pass gas-related costs on to consumers, including professional services (+9.8%), transportation and warehousing (+11.7%), and administrative support services (+11.0%).
· At the same time, grocery spending softened, with sales (-2.3%) and foot traffic (-0.8%) both declining year over year.
