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American Express The wealthy card owners were able to spend more freely at the end of last year, the Chief Financial Director Christophe Le Caillec he told CNBC.
Consumption on AMEX cards jumped 8% annually in the fourth quarter after slowdown at a growth rate of 7% early year at 6% during the second and third quarters, according to the company earnings presentation.
Although increasing at the end of the year was recorded in all customer segments and geographical areas, it was especially encouraged by millennials and users of the generation Z, where the volume of transactions jumped by 16%, compared to 12% in the third quarter.
Older groups were more restrained with maps; Customers of generation X spent 7% more in the fourth quarter, while Baby Boom users recorded an account growth of only 4%.
“We had a very strong growth from the generation of Z and millennials, and that 2 percentage acceleration gives us many optimism for 2025,” Le Caillec said.
Elevated levels of transactions continued in the first three weeks of this year, he added.
The younger Americans are said to spend more on experiences than on goods, and this is reflected in Amex results, who together with a competitive card publisher Jpmorgan Chase They dominate the high -credit credit card market.
Travel and entertainment accounts have increased 11% in the quarter, compared to 8% for good and services. The travel impetus came from the consumption of the aircraft, which increased by 13%, with consumption for airline tickets in the 19%business class and first class, according to Le Caillec.
Amex sections have fallen more than 2% at noon trading on Friday after a company reported earnings and revenues that were approximately in accordance with the expectations of analysts. The shares of the company based in New York were on the rise over the last year, reaching the highest level in 52 weeks on Thursday.
“We are encouraged by accelerated payment growth because we believe it will be a key factor for Amex to fulfill its desired goal of at least 10% of the revenue growth,” wrote William Blair analysts led by Cristopher Kennedy on Friday in a research note. “We remain customers at each withdrawal.”
