Fiserv Small Business Index Q2 2025 Report

This technical report presents the Fiserv Small Business Index for the second quarter of 2025, detailing the performance and trends observed among U.S. small businesses. The report indicates a slowdown in sales momentum, with the index advancing only 1 point to 149. It highlights key themes such as resilience amid economic uncertainty, with consumers becoming more selective in their spending. The report outlines a shift from discretionary to essential spending, as consumers prioritize needs over wants, leading to a decline in foot traffic and transaction volumes. It documents the impact of inflation on consumer behavior, noting that average ticket values in discretionary categories have decreased. The report also discusses the implications of tariff changes on small businesses, emphasizing the shielding effect of service dominance and the challenges faced by retailers. Overall, the findings reflect a market in transition, where small businesses must adapt to evolving consumer preferences and economic conditions.