The Great Assets
  • Business
  • World News
  • Politics
  • Investing
  • Business
  • World News
  • Politics
  • Investing

The Great Assets

Business

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

previous post
US security contractor will take charge of key checkpoint in Gaza as Israeli forces withdraw
next post
Tech 5: Trump Admin Issues Crypto Executive Order, Launches Stargate AI Project

Related Posts

Buffett denies rumors after Trump shares wild claim...

April 6, 2025

Treasury ends enforcement of business ownership database meant...

March 4, 2025

Nvidia’s CEO did a Q&A with analysts. What...

March 22, 2025

Amazon is stepping up to fill a gap...

May 2, 2025

AI-powered sports media company raises $13 million, led...

February 13, 2025

23andMe to delist from Nasdaq, deregister with SEC

May 29, 2025

Musk loses more than $100B as Tesla gives...

February 28, 2025

From pandemic struggles to St. Patrick’s Day crowds,...

March 18, 2025

Berkshire Hathaway employee wins $1 million in Warren...

March 27, 2025

Dick’s Sporting Goods is latest retailer to forecast...

March 12, 2025

    Join our mailing list to get access to special deals, promotions, and insider information. Your exclusive benefits await! Enjoy personalized recommendations, first dibs on sales, and members-only content that makes you feel like a true VIP. Sign up now and start saving!


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

    Editors’ Picks

    • 1

      Top 11 Countries by Rare Earth Metal Production

      February 27, 2025
    • 2

      Capital One outage drags into Friday afternoon, leaving some customers without deposit access

      January 23, 2025
    • 3

      Bank of America CEO says financial industry will jump into crypto payments if regulators allow it

      January 23, 2025
    • 4

      Netflix shares soar as company reports surging revenue, tops 300 million subscribers

      January 23, 2025
    • 5

      Altech Batteries LtdCERENERGY Accredited Highest Possible Green Rating

      January 24, 2025
    • 6

      Altech – CERENERGY Accredited Highest Possible Green Rating

      January 24, 2025
    • 7

      Strategic Alliance with Macmahon to Accelerate Redevelopment of Nifty

      January 23, 2025
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting

    Disclaimer: thegreatassets.com, 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 thegreatassets.com | All Rights Reserved