Small business sales growth in April driven by higher prices, not increased demand, says Fiserv.

Fiserv's Small Business Index for April 2026 shows U.S. small business sales grew 1.1% year-over-year, mainly due to higher prices rather than increased customer visits, which declined 1.7%. Average transaction values rose 2.8%, the largest increase since 2022, indicating consumers are spending more per visit but visiting less often. Key sectors like restaurants saw mixed results, with limited-service restaurants declining and full-service restaurants gaining slightly. Rising fuel costs boosted sales in gas stations and related services, while grocery and building materials sales softened. This trend suggests consumers are prioritizing value and essentials amid elevated prices, impacting overall foot traffic but sustaining sales revenue.