{"id":791587,"date":"2024-12-02T09:33:01","date_gmt":"2024-12-02T14:33:01","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/fiserv-small-business-index-for-november-2024-restaurant-sales-jump-retail-steadies-behind-strong-holiday-spend\/"},"modified":"2024-12-02T09:33:01","modified_gmt":"2024-12-02T14:33:01","slug":"fiserv-small-business-index-for-november-2024-restaurant-sales-jump-retail-steadies-behind-strong-holiday-spend","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/fiserv-small-business-index-for-november-2024-restaurant-sales-jump-retail-steadies-behind-strong-holiday-spend\/","title":{"rendered":"Fiserv Small Business Index\u00ae for November 2024: Restaurant Sales Jump, Retail Steadies Behind Strong Holiday Spend"},"content":{"rendered":"

<\/p>\n

Fiserv Small Business Index\u00ae<\/sup> for November 2024: Restaurant Sales Jump, Retail Steadies Behind Strong Holiday Spend<\/b><\/p>\n

Fiserv Small Business Index for November is 144<\/i><\/p>\n

Small business sales (+4.8%) and transactions (+9.1%) both grew year over year<\/i><\/p>\n

MILWAUKEE–(BUSINESS WIRE<\/a>)–Fiserv, Inc.<\/a> (NYSE: FI), a leading global provider of payments and financial services technology, has published the Fiserv Small Business Index<\/a> for November 2024.<\/p>\n

\n\u201cThis month\u2019s Fiserv Small Business Index showed consumer spending was strong in November,\u201d said Jennifer LaClair, Head of Merchant Solutions at Fiserv. “With the 2024 holiday season in full swing, healthy increases to year-over-year sales combined with more than 9% growth in foot-traffic are positive signs for small businesses.\u201d<\/p>\n

\nNationally, the seasonally adjusted Fiserv Small Business Index<\/a> for November was 144, a two-point decrease from October. On a year-over-year basis, small business sales (+4.8%) and total transactions (+9.1%) grew significantly compared to 2023. Month-over-month sales (-1.6%) and transactions (+0.6%) held relatively steady following very strong growth in October.<\/p>\n

\n\u201cHoliday sales are critical for small businesses, with restaurants and retailers in particular benefitting from consumers getting out and patronizing local establishments during the final months of the year,\u201d said Prasanna Dhore, Chief Data Officer at Fiserv. \u201cNotably in November, food sales accelerated across both restaurant and grocery while Retail maintained the positive momentum from October, a significant increase when compared to 2023.\u201d<\/p>\n

Retail<\/b><\/p>\n

\nNationally, the Fiserv Small Business Index for Retail was 150, holding steady compared to October.Year-over-year sales (+5.6%) and transactions (+9.5%) grew and average ticket sizes (-3.8%) continued to decline. Year over year, the fastest-growing retail categories were Grocery (+11.1), General Merchandise (+11.0%), Clothing, Shoes and Jewelry Retailers (+7.3%), and Furniture, Electronics, and Appliances (+6.8%).<\/p>\n

\nOn a monthly basis, sales (-0.1%) and transactions (+0.3%) were generally flat with no change in index value compared to October; a positive sign given the significant month-over-month growth retail saw the month prior. The strongest month-over-month gains were seen in Grocery (+2.4%), Furniture, Electronics and Appliances (+2.2%), and General Merchandise (+0.6%).<\/p>\n

Restaurants<\/b><\/p>\n

\nFood Services and Drinking Places, which includes restaurants,indexed at 131 in November, a 4-point increase compared to October. Year over year, restaurants saw growth in both total sales (+8.1%) and foot traffic (+8.7%); average ticket sizes continued to decline (-1.3%) compared to 2023.<\/p>\n

\nOn a monthly basis, both restaurant sales (+3.1%) and transactions (+1.9%) also rose, marking a second consecutive month of strong growth.<\/p>\n

Services<\/b><\/p>\n

\nService-based small business sales grew compared to 2023 (+5.1%) but declined compared to October of 2024 (-1.8%) as consumers shifted more dollars to restaurants and retailers.<\/p>\n

\nOn a yearly basis, the fastest growing service categories were Information Services (+15.0%), Food Manufacturing (+14.8%) and Professional, Scientific, and Technical Services (+11.1%), and Truck Transportation (+7.9%). On a monthly basis, Food Manufacturing (3.6%) and Transportation Equipment Manufacturing (+1.9%) were the only service-based categories to grow sales compared to October.<\/p>\n

Regional Trends<\/b><\/p>\n