The current economic climate is one dominated by uncertainty, especially for small and medium businesses (SMBs). Within the SMB economy, different sectors diverge in terms of their optimism, financing needs, and the financial health of their operations.

This report dives deep into how some of these distinct segments of SMBs are faring. We analyzed the card revenues of millions of businesses across the retail, hospitality, and personal and consumer services sectors. Based on this analysis, we discuss:

• The number of active businesses in the retail, hospitality, and consumer services sectors
• Which sub-industries within these segments are growing
• Average transaction size and revenue growth across these industries