Fiserv Small Business Index™ for January 2024: Consumer Spending Steady to Start New Year
05 Février 2024 - 2:30PM
Business Wire
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%
Fiserv, Inc. (NYSE: FI), a leading global provider of payments
and financial services technology, has published the Fiserv Small
Business Index™ for January 2024. The Fiserv Small Business Index
is an indicator of the performance of small businesses in the
United States at national, state, and industry levels.
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 December
2023.
“Small businesses maintained steady sales in January despite
harsh weather conditions impacting much of the country,” said
Prasanna Dhore, Chief Data Officer at Fiserv. “Small businesses in
the Retail sector outperformed the small business category overall,
with growth driven by consumer spending on building materials,
health and personal care, and general merchandise. Spending in the
Food Services subsector, which includes restaurants and bars,
slipped as we moved out of the holiday season.”
Retail Spotlight
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 January 2023. The Specialty Trade Contractors subsector
includes service providers, such as carpentry and masonry, roofing,
electrical, and heating and plumbing specialists.
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 January 2023, growing +6.0%. This
broad subsector includes veterinary, legal, accounting,
advertising, tax preparation and other professional services.
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 U.S. 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-store and online, across approximately 2 million U.S. small
businesses.
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.
To access the full Fiserv Small Business Index visit fiserv.com
and click on “Fiserv Small Business Index” or visit
fiserv.com/FiservSmallBusinessIndex.
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 acquiring 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 one of
Fortune® World’s Most Admired Companies™. Visit fiserv.com and
follow on social media for more information and the latest company
news.
FISV-G
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version on businesswire.com: https://www.businesswire.com/news/home/20240205436834/en/
Media Relations: Chase Wallace Director, Communications
Fiserv, Inc. +1 470-481-2555 chase.wallace@fiserv.com
Additional Contact: Ann S. Cave Vice President, External
Communications Fiserv, Inc. +1 678-325-9435 ann.cave@fiserv.com
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