January Deep Freeze Impacts Small Business Foot Traffic, New Fiserv Data Shows

Fiserv Small Business Index declined 1 point to 143; year-over-year sales grew +0.7%

Published on Feb. 5, 2026

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Fiserv, Inc., a leading global provider of payments and financial services technology, has published the Fiserv Small Business Index for January 2026, indicating that seasonal shifts by consumers and harsh winter storms cooled small business sales to start the year. The seasonally adjusted Index declined 1 point to 143, with year-over-year sales growing (+0.7%) but month-over-month sales slipping (-0.5%).

Why it matters

The Fiserv Small Business Index provides detailed insights into the health of the U.S. small business economy, with data on consumer spending, foot traffic, and sales trends across various industries. This report highlights the impact of winter weather on small businesses, particularly in discretionary spending categories like restaurants and retail.

The details

With winter storms impacting much of the country in late January, consumer foot traffic saw its sharpest year-over-year decline (-2.0%) since mid-2022, and foot traffic also dropped (-0.8%) month over month. Discretionary sales fell year over year (-0.4%) and month over month (-0.7%), while essential sales remained strong year over year (+2.2%) but were flat month over month. Professional and Administrative Services saw pockets of strength, with Administrative and Support Services growing (+1.1%) month over month and Tax Preparation Services recording strong seasonal acceleration. Small business retail sales were essentially flat year over year and month over month, with core retail categories delivering the most gains (+1.5%) year over year. Restaurant sales fell (-1.8%) year over year, driven by significant foot traffic declines (-3.6%) compared to 2025.

  • The Fiserv Small Business Index is published during the first week of every month.
  • The data in this report is for January 2026.

The players

Fiserv, Inc.

A leading global provider of payments and financial services technology and the publisher of the Fiserv Small Business Index.

Prasanna Dhore

Chief Data Officer at Fiserv.

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What they’re saying

“In January, small businesses faced headwinds as consumers rebalanced their spending following a busy holiday season, and winter weather kept many at home during the latter half of the month.”

— Prasanna Dhore, Chief Data Officer (Fiserv)

What’s next

Fiserv plans to publish a special report in late January on the impact of Winter Storm Fern on regions and business types across the U.S.

The takeaway

The Fiserv Small Business Index provides valuable insights into the challenges and opportunities facing small businesses in the U.S., particularly in the face of seasonal shifts and extreme weather events. This report highlights the importance of understanding these trends to support the resilience and growth of the small business sector.