The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

World News

American Express CFO says spending picked up at year-end, thanks to millennials and Gen Z

by admin January 26, 2025
January 26, 2025
American Express CFO says spending picked up at year-end, thanks to millennials and Gen Z

American Express’ affluent cardholders got comfortable spending more freely again late last year, Chief Financial Officer Christophe Le Caillec told CNBC.

Spending on AmEx cards jumped 8% year over year in the fourth quarter after slowing from a 7% growth rate early in the year to 6% during the second and third quarters, according to the firm’s earnings presentation.

While the year-end pickup was seen across all customer segments and geographies, it was especially fueled by millennials and Gen Z users, where transaction volumes jumped 16%, up from 12% in the third quarter.

Older groups were more restrained with their cards. Gen X customers spent 7% more in the fourth quarter, while baby boomers saw billings rise just 4%.

“We had very strong growth from Gen Z and millennials, and that 2 percentage point acceleration gives us a lot of optimism for 2025,” Le Caillec said.

Elevated transaction levels have continued into the first three weeks of this year, he added.

Younger Americans are said to spend more on experiences rather than goods, and that is reflected in the results from AmEx, which along with rival card issuer JPMorgan Chase, dominate the market for high-end credit cards.

Travel and entertainment billings rose 11% in the quarter, compared with 8% for good and services. The boost in travel came from airline spending, which rose 13%, with spending for business class and first class airfares up 19%, according to Le Caillec.

AmEx shares fell more than 2% in midday trading Friday after the company reported earnings and revenue that were roughly in line with analysts’ expectations. Shares of the New York-based company have been on a tear over the past year, hitting a 52-week high on Thursday.

“We are encouraged by accelerating billings growth as we believe it will be a key factor for Amex to meet its aspirational target of at least 10% revenue growth,” William Blair analysts led by Cristopher Kennedy wrote Friday in a research note. “We remain buyers on any pullback.”

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
What’s the Secret to Crushing the S&P 500?
next post
Government workers dismayed by Trump’s return-to-office mandate

Related Posts

5 new Uber features you should know —...

May 15, 2025

Cargo thieves are attacking the U.S. supply chain...

May 11, 2025

Johnson & Johnson to pay $6.5 billion to...

May 6, 2024

DOJ and FTC warn consumers of fraud and...

October 11, 2024

Microsoft confirms performance-based job cuts across departments

January 11, 2025

From Chili’s to burger chains, here are the...

December 17, 2024

GM to increase production of high-performance Cadillac Escalade...

July 18, 2024

Microsoft’s mammoth AI bet will lead to over...

October 3, 2024

Donald Trump set to receive $1.25 billion worth...

April 23, 2024

U.S. airlines cool hiring after adding 194,000 employees...

September 9, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • The Real Drivers of This Market: AI, Semis & Robotics

      July 21, 2025
    • What Musk’s fracture with Trump means for GOP’s future: ‘Beating heart of the Republican Party’

      July 21, 2025
    • Trump’s housing chief rips Powell for blowing millions on Fed facelift during housing crisis he perpetuates

      July 21, 2025
    • Trump celebrates 6 months back in office: US ‘totally revived’ after being ‘DEAD’ under Biden

      July 21, 2025
    • Biden admin spent hefty sum of US tax dollars to upgrade embassy swimming pools in Iraq, Russia

      July 21, 2025
    • Trump heads to Scotland, continues ironing out trade deals after notching six months back in office

      July 21, 2025

    Categories

    • Business (1,299)
    • Politics (4,040)
    • Stocks (1,535)
    • Uncategorized (45)
    • World News (1,292)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved