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American Focus > Blog > Economy > AmEx spending picked up at year-end, thanks to younger cardholders
Economy

AmEx spending picked up at year-end, thanks to younger cardholders

Last updated: January 24, 2025 1:09 pm
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AmEx spending picked up at year-end, thanks to younger cardholders
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American Express reported a surge in spending by its affluent cardholders in the fourth quarter of last year, with transactions on AmEx cards increasing by 8% year over year. This growth marked a significant acceleration from earlier in the year when spending growth had slowed to 6-7%. According to Chief Financial Officer Christophe Le Caillec, the increase in spending was seen across all customer segments and geographies, but it was particularly driven by millennials and Gen Z users, whose transaction volumes jumped by 16%.

In contrast, older generations were more conservative with their spending. Gen X customers saw a 7% increase in spending, while baby boomers only saw a 4% rise in billings. Le Caillec expressed optimism for 2025, citing the strong growth from younger cardholders as a key factor. The trend of elevated transaction levels has continued into the first few weeks of this year.

The preference for experiences over goods among younger Americans was reflected in the spending patterns on AmEx cards. Travel and entertainment billings rose by 11% in the quarter, outpacing the 8% growth in goods and services spending. Airline spending saw a notable increase of 13%, with business class and first-class airfares experiencing a 19% rise.

Despite the positive earnings report, American Express shares dipped more than 2% in midday trading following the release of the quarterly results. However, analysts remain bullish on the company’s prospects, noting that accelerating billings growth will be crucial for achieving the company’s revenue growth target of at least 10%. William Blair analysts emphasized their confidence in the company, stating that they would consider buying on any pullback.

See also  Visa to launch pay-by-bank payments, an alternative to credit cards

Overall, American Express continues to dominate the market for high-end credit cards, alongside rival JPMorgan Chase. The company’s strong performance in the fourth quarter and optimistic outlook for 2025 point to a promising future for the financial services giant.

TAGGED:AmexcardholderspickedspendingYearEndyounger
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