American Express CEO says his business is in great shape because its wealthy Gen Z clients aren’t hurting at all

• American Express In good condition Even with the reception of the global economy, it is still fragile. CEO Stephen Skiri said that the total bills on AmeX cards jumped by 7.5 % on an annual basis, and that the growth of the new card was fueled by Gen Z and Millennials, who formed the bulk of new customers.

The global economy seems to be increasingly uncertain, but the CEO of America Express says that its wealthy customers are right.

The Financial Services Company announced on Thursday an increase of 7.5 % on an annual basis in the total billing business on AmeX cards in the first quarter, which helped to pay the company’s revenues an increase of 8 % year on an annual basis to the best $ 17 billion of expected.

CEO Stephen Skiri said that leading the results was a strong spending from the base of its wealthy customers.

“During the first 10 to 12 days, it is [spending] “As much as it was in the last quarter, perhaps a little, a little stronger, and the credit still really looks good.”

The bills on restaurants and housing remained strong during the quarter, even when the company witnessed a slight decline in spending in the airline category. Sukri also said that the company did not witness any effect of “clouds forward” – the idea that delay in the delay in purchases from late 2024 may be artificial profits.

On Thursday, Sawri said during the first quarter profit call call that 60 % of them were a general and thousands of millennium, on Thursday during the company’s profit call in the first quarter, that 60 % of them were from General Z and thousands of millennium that the other protein is 3.4 million holders of the new cards that he added during this quarter, and 60 % of them were from General Z and Millennials. These owners of the younger cards spent 14 % in the quarter, while General X and Boamers spent 5 % and 1 % more, respectively, CNBC said.

While AmeX was traditionally seen as the elite card for the upper layer with gray hair, the brand has increasingly caught the attention of the Gen Z and Millennials, who sought to get the card for the “lifestyle” privileges. In 2023, 75 % of the consumer and gold accounts were the new consumer belonged to these two groups, luck I mentioned.

Sukri said that the company meets the needs of younger customers through the advantages of restaurants and hotels, adding that the Gen Z and Millennials have spent more than any other customer demography. Squeri added that AmeX focused on this effort, especially with the acquisitions of resy and TOCK applications in addition to re -launching the gold card.

He said: “It was possible to rename the gold” the restaurant card “between the bonuses speed, the RSY and the global dining group.”

Although some economists predict stagnation on the horizon, Squeri said that Amex expects a strong growth for the rest of the year and repeated the company’s directives by 8 % to 10 % of the revenues.

This story was originally shown on Fortune.com

2025-04-18 16:48:00