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American Focus > Blog > Economy > Rich American Express customers spend freely, with one exception
Economy

Rich American Express customers spend freely, with one exception

Last updated: July 18, 2025 12:25 pm
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Rich American Express customers spend freely, with one exception
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American Express has long been known for catering to wealthier customers who value the company’s travel and dining perks. This focus has helped American Express maintain steady growth in card spending, with a 7% increase in total spending in the second quarter of this year.

However, despite the overall increase in spending, there has been a noticeable slowdown in travel-related transactions. Specifically, airline spending has remained flat compared to the previous year. This decline is attributed to weaker demand for economy class domestic airfare, as consumers are opting for cheaper options.

On the bright side, spending on premium cabins and luxury hotel bookings has seen a significant increase. This shift in consumer behavior could pose a challenge for American Express, given its strong ties to the airline industry and network of airport lounges.

Although American Express exceeded expectations for second-quarter profit and revenue, the company’s stock price fell by 2.5% in midday trading. This drop is largely due to concerns about the company’s increased spending on rewards programs, particularly as it launches a revamped Platinum card to compete with other premium card offerings from competitors like JPMorgan Chase, Capital One, and Citigroup.

Analysts speculate that American Express may need to invest more in marketing and rewards to drive growth, potentially impacting its bottom line. Despite reaffirming its 2025 guidance for profit and revenue, investors remain cautious about the company’s ability to sustain its competitive edge in the premium card market.

In conclusion, while American Express continues to attract affluent customers with its exclusive perks and benefits, the company faces challenges in maintaining growth amid changing consumer preferences and increased competition in the premium card space. It will be interesting to see how American Express adapts to these challenges and continues to drive value for its customers in the future.

See also  What is in Donald Trump’s giant tax-cutting bill?
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