Fiserv Small Business Index™ for January 2024: Consumer Spending Steady to Start New Year
Fiserv Small Business Index of 138 indicates consumers continue to spend consistently
Small business sales grew +0.1% month-over-month; year-over-year sales grew +1.7%
According to this month’s Fiserv Small Business Index, spending at small businesses held steady to start the year, growing +0.1% month-over-month to remain at an index of 138, unchanged from December. Year-over-year sales reflected healthy consumer demand, growing +1.7%, but off the pace of the +2.6% increase in
“Small businesses maintained steady sales in January despite harsh weather conditions impacting much of the country,” said
The January index for Retail was 143, representing a 1-point gain over December, with retail sector small businesses outperforming the small business category overall. This equated to +0.7% month-over-month sales growth and +1.9% year-over-year growth. Foot traffic across retail was impressive, up +4.2% year-over-year, signaling consumer demand for goods has continued to expand post-holiday. Building Materials, Health and Personal Care and General Merchandise led the growth. Areas that typically represent higher discretionary spending did not keep pace, namely Clothing and Sporting Goods.
Additional Small Business Insights
Food Services and Drinking Places saw demand slip compared to the holiday season. The January index for this subsector fell 5 points from December, to 122. Month-over-month sales were down -4.1%, and year-over-year sales were down -1.9%.
Specialty Trade Contractors had a January index of 145, marking a 1-point decline from December. Month-over-month sales were slightly down at -0.5%, while the subsector grew modestly at +0.9% compared to
Professional, Scientific, and Technical Services increased 1 point over December to an index of 148 in January. Small business sales in this subsector grew at +0.7% compared to December and were up significantly compared to
About the Fiserv Small Business Index™
The Fiserv Small Business Index is published during the first week of every month and differentiated by its direct aggregation of consumer spending activity within the
Benchmarked to 2019, the Fiserv Small Business Index provides a numeric value measuring consumer spending, with an accompanying transaction index measuring customer traffic. Through a simple interface, users can access data by region, state, and/or across business types categorized by the North American Industry Classification System (NAICS). Computing a monthly index for 16 sectors and 34 sub-sectors, the Fiserv Small Business Index provides a timely, reliable and consistent measure of small business performance even in industries where large businesses dominate.