Small businesses took in more money in September, but they rang up fewer sales to do it. That’s the main takeaway from the latest Fiserv Small Business Index, released Oct. 5.
Sales at US small businesses rose 2.2% compared with September 2025 and 0.7% from August, according to Fiserv. The index stood at 146.
Bigger tickets, fewer visits
The number of transactions fell 2.0% from a year earlier, while the average ticket, or the amount spent per purchase, climbed 4.2%. In other words, the sales growth came from customers paying more each time, not from more customers coming through the door.
“September’s results reflect the resilience of consumers and small businesses, but also the trade-offs households are making as they manage higher costs,” said Prasanna Dhore, Fiserv’s chief data officer.
Back-to-school helped retail
- Retail: sales up 3.0% from a year earlier and 1.3% from August, the strongest annual gain since June.
- Clothing stores: transactions up 6.1%.
- Sporting goods: sales up 5.5%.
- Food and beverage retail: sales up 1.9%.
- Gas stations: sales up 21.1%, a jump that likely reflects higher fuel prices.
Restaurants felt the squeeze
Spending moved away from eating out. Sales at restaurants and bars fell 1.0% from a year earlier, and limited-service restaurants, such as fast-food and fast-casual spots, saw sales drop 4.0%.
Owners are still upbeat
A separate survey out the same day suggests owners remain optimistic. In TD Bank’s poll of 200 US small business owners, conducted by Wakefield Research in late August, 85% said they expect stronger revenue through the end of the year. But 73% said they had postponed investments because of economic uncertainty, and inflation (55%) and staffing costs (54%) topped their list of challenges.
What to take from it
If your register is busier in dollars but quieter in foot traffic, you’re not alone. With customers trading down on dining and making fewer trips, this is a good moment to look at what brings repeat visits, such as loyalty perks, bundles or simple reminders to past customers, before the holiday rush.
More on Contoh
- Small Businesses Pulled Back on Hiring in September, Two Reports Show
- Service Businesses Kept Growing in September, but Prices Rose at the Fastest Pace Since 2022
- Small Business Optimism Slipped in August, NFIB Survey Finds