Seasonal factors affect small business sales as spring approaches

March 2024 Fiserv Small Business Index Values ​​(Chart: Business Wire)

March 2024 Fiserv Small Business Index Values ​​(Chart: Business Wire)

March 2024 Fiserv Small Business Index Dashboard (Graph: Business Wire)March 2024 Fiserv Small Business Index Dashboard (Graph: Business Wire)

March 2024 Fiserv Small Business Index Dashboard (Graph: Business Wire)

The Fiserv Small Business Index reflects a one-point decline from February 2024

Small business sales rose +2.0% year-over-year, while they fell -0.8% month-over-month

MILWAUKEE, April 4, 2024–(BUSINESS WIRE)–Fiserv, Inc. (NYSE: FI), a leading global payment technology and financial services provider, has released the Fiserv Small Business Index for March 2024. The Fiserv Small Business Index is an indicator of the performance of small businesses in the United States at the national, state and industry levels.

Nationally, the seasonally adjusted Fiserv Small Business Index fell one point to 141. Small business sales rose +2.0% year-over-year, while falling -0.8% month-over-year.

“Consumer spending fluctuated throughout March, with Spring Break travel boosting sales and the Easter holiday contributing to a slow finish as many small businesses closed on the last day of the month,” said Prasanna Dhore, CEO of Data in Fiserv. “Restaurants were a particularly bright spot in March, with small businesses in this subsector seeing a +4.0% increase in spending during February and a +5.8% increase in March 2023. As in recent months, consumers again devoted most of their spending to small businesses to dining out.”

Retail Spotlight

Nationally, sales at small retail businesses were soft compared to February (-1.6%), but trending well ahead of March 2023 (+5.1%). Part of the month-on-month slowdown can be attributed to the fact that many small businesses chose to close in observance of the Easter holiday on March 31. While most subsectors within the Retail sector experienced a month-over-month slowdown in sales, each subsector was ahead of its 2023 results. The strongest performer among the Retail subsectors was Apparel, Accessories, Footwear and Jewelry, which gave an increase of +0.4% during the month of February.

Additional small business insights

Spring Break travel and celebrations also contributed to significant sales growth in the Lodging sub-sector which includes hotels and short-term vacation rentals, which grew +3.5% month-over-month, and the Entertainment, Gaming and Recreational Industries sub-sector , which increased +4.1%. month after month and +10.5% year on year.

Food Manufacturing was the most active small business subsector in March, with its index rising 9 points to 175. Sales for small businesses in this subsector increased +5.2% from February 2024 and +14, 0% during 2023.

Other growing subsectors in March included: Web Research Portals, Libraries, Archives and Other Information Services (+5.6% month-on-month, +16.1% year-on-year), Personal Services and Laundry ( +3.1% month-on-month, +3.2% year-on-year), and Performing Arts, Spectator Sports and Related Industries (+2.3% month-on-month, +1.8% year-on-year per year).

About the Fiserv Small Business Index

The Fiserv Small Business Index is released during the first week of each month and is differentiated by direct aggregation of consumer spending activity within the US small business ecosystem. Rather than relying on survey or sentiment data, the Fiserv Small Business Index is derived from point-of-sale transaction data, including card, cash and check transactions in stores and online, at approximately 2 million businesses small american.

Compared to 2019, the Fiserv Small Business Index provides a numerical value that measures consumer spending, with an accompanying transaction index that measures customer traffic. Through a simple interface, users can access data by region, state, and/or across all types of businesses categorized by the North American Industry Classification System (NAICS). By calculating a monthly index for 16 sectors and 34 subsectors, the Fiserv Small Business Index provides a timely, reliable and consistent measure of small business performance even in industries dominated by large businesses.

To access the complete Fiserv Small Business Index visit and click on “Fiserv Small Business Index” or visit

About Fiserv

Fiserv, Inc. (NYSE: FI), a Fortune 500 company, aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquisition and processing; and the Clover® cloud-based point of sale and business management platform. Fiserv is a member of the S&P 500® Index and has been recognized as one of Fortune® World’s Most Admired Companies™ for 9 of the past 10 years. Visit and follow on social media for more information and the latest company news.


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Media relations:
Chase Wallace
Director, Communications
Fiserv, Inc.
+1 470-481-2555
[email protected]

Additional contact:
Ann S. Cave
Vice President, External Communications
Fiserv, Inc.
+1 678-325-9435
[email protected]

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