Small business sales in the US saw continued growth in December 2023, fueled by strong retail performance. Despite a decline in restaurant sales, overall sales increased, indicating resilience in the small business sector.
Small business sales in the US continued to grow in December 2023, despite shifts in consumer spending patterns. According to Fiserv, a payment and financial services technology company, small business sales rose 4.9% and total transactions grew 5.5% from December 2022. This growth was driven by strong retail spending, with sales in general merchandise, clothing, shoes and jewelry, furniture, electronics, appliances and grocery stores performing particularly well.
However, restaurants experienced a decline in sales, falling 3.4% from December 2022, even though transactions increased. This was attributed to a significant reduction in average ticket size, down 7.4% compared to 2022. Consumers shifted more spending towards service-based businesses, while retail sales remained strong. The average restaurant ticket size continued to decline, indicating a potential change in consumer dining habits. The data suggests that while small businesses continue to thrive overall, they are adapting to evolving consumer preferences and economic conditions
Small Business Sales Retail Consumer Spending Restaurants
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