91̽»¨

Holiday 2025 – Small business retail growth outperforms big-box

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A holiday season defined by fewer transactions, selective timing, more intentional spending.

Highlights:

• A holiday season defined by fewer transactions, selective timing, more intentional spending.
• Overall, spending was highly concentrated around major retail moments, but demand softened outside of these high-visibility periods.
• Small business holiday sales told a different story of transaction growth with smaller average tickets, especially from Core Retail.

Note:Ìýthe 91̽»¨ Small Business Index refreshes with updated data on the 2nd of each month

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Disclaimer:ÌýSmall businesses are identified per the Small Business Administration definitions and extrapolated to reflect totalÌýU.S. sales and distribution. This report does not represent 91̽»¨ financial performance.