The news: US small businesses largely missed out on the record Big Five shopping, per a Fiserv press release.

Fiserv’s Small Business Index reported sales grew 0.8% YoY for the month of November, driven by retailers and restaurants. By comparison, Adobe 2025 Holiday Shopping Trends reported sales grew 7.1% YoY, in total season spend for the same time period.

SMBs fared better on Black Friday: Core retail and restaurants sales grew 3.1% and 2.9%, respectively—but that still fell short of Mastercard’s reported 4.1% growth for total spend. Online shopping stole the show this year: consumers spent $11.8 billion online that Friday, up 9.1% YoY, per Adobe.

While small businesses eked out net positive sales growth YoY, November sales volume and transactions were down -0.6% and -0.7%, respectively, compared with October.

Where SMBs made gains: Block’s integrated ecosystem model may have helped buoy Square sellers’ performance on Black Friday. 

Block boasted 124 million transactions over the holiday shopping weekend, driving sales up 10% YoY, per its press release. Block’s deepening integration of its buy now, pay later (Afterpay), banking and P2P (Cash App), and merchant POS (Square) arms fueled spend across all categories:

• Cash App cardholders’ local spending spiked 25% during the Cyber Five.
• Average BNPL basket size increased 10%.
• BNPL consumer spend per customer jumped 6%.

Our take: Issuers and payment providers should look to boost their local merchants’ sales and consumers’ spending by making it easier to shop small. Local neighborhood networks like Square Neighborhood and Bilt’s local deals can encourage SMB spending in consumers’ stomping grounds. 

Integrated BNPL offers may also entice spending from young consumers who are adverse to the perceived risks of revolving credit or are locked out from traditional lines.