Amex reports continued surge in travel spending
Company called out "particularly robust” spending on travel and entertainment in its latest earnings release
American Express continued to benefit from strong spending growth in the latest quarter, with particular momentum in the travel and entertainment categories.
Key takeaways
- Millennial and Gen Z customers made up more than 60% of the company’s new consumer accounts during the period;
- While millennials have hit life milestones later than older generations, that may be beneficial for Amex because they could be doing things like planning family vacations while at higher salary ranges than they would have been at had they started families younger;
- The strong interest in travel is overall ideal for Amex, even if it means the company has to pay more when consumers redeem rewards on perks in the category, the company said.
Get the full story at MarketWatch