Small Business Sales Rise in March Despite Slower Foot Traffic

Event summary

  • Fiserv's Small Business Index for March 2026 shows U.S. small business sales grew 1.3% year-over-year, despite a 1.3% decline in foot traffic.
  • Higher average ticket sizes (+2.6% year-over-year) offset slower transaction volumes.
  • Gasoline station sales surged 10.3% month-over-month, driven by a 7.2% jump in average tickets.
  • Retail sales accelerated 1.2% month-over-month, with building materials, motor vehicle parts, and furniture subsectors contributing to growth.
  • Essential spending outpaced discretionary spending for the 12th consecutive month.

The big picture

Fiserv's data highlights a small business economy that remains resilient despite consumer caution. The shift towards higher average ticket sizes suggests consumers are prioritizing essential spending and making more deliberate purchasing decisions. This trend is likely to continue as households navigate rising energy prices and geopolitical disruptions. The detailed classification of the Fiserv Small Business Index provides valuable insights into the diverse dynamics shaping the U.S. small business economy.

What we're watching

Consumer Spending Shifts
How rising energy prices will affect consumer spending patterns and small business sales.
Industry Segmentation
Whether essential spending will continue to outpace discretionary spending in the coming months.
Economic Resilience
The pace at which small businesses adapt to cautious consumer behavior and maintain sales growth.