- American Express is in good shape Even if the global economic view remains sharp. CEO Stephen Squeri said the total business released on AMEX cards jumped 7.5% a year over a year and the growth of a new card was prompted by Gen Z and Millennia, who made a large number of new customers.
The world's economy seems to be uncertain, but the CEO of American Express It says its rich clients are doing well.
Financial Services Company on Thursday reported a 7.5% more year increase Overall the business was paid on AMEX cards in the first quarter, which helped push the company's revenue up to 8% a year more than $ 17 billion for the period.
Running the result was effective use from his wealthy clients, said CEO Stephen Squeri.
“Through the first 10 to 12 days, it is (spending) as strong as it was the last quarter, maybe a little, a little stronger, and the loan still continues to look good,” he told Yahoo Money.
Billings at cafes and shelters stayed stronger during the quarter, even if the company saw little misuse in the airlines. Squeri also said the company did not see any effect from “front pull” – the idea that the delayed effect of purchase from the end of 2024 could be fake income.
Another Boon for the company was the owners of a new 3.4 million card that added during the quarter, 60% of which were Gen Z and Millennia, Squeri said on Thursday during the first quarter of revenue. Those small card holders spent 14% more in quarters, while Gen X and Boomers spent 5% and 1% more, a Center, CNBC reported.
While Amex has been seen traditionally as an elite-gray-haired elite card, the brand has kept the eye of Gen Z and Millennia, who have searched the card for its “style” of life. In 2023, 75% of the new platinum of consumers and consumer gold accounts belonged to these two groups, Luck reported.
The company is increasingly serving young customers through its restaurant and hotel hotels, Squeri said, adding that Gen Z and Millennia used more to eat than any number of customers. AMEX has considered this effort especially with its purchase of storage and tock programs and also launching a gold card, the Squeri was added.
“Gold would be named 'restaurant card' between a gift accelerator, a resey loan, and a global dining collection,” he said.
Despite some economists predicting the economic downturn, Squeri said AMEX was expecting a great deal of growth throughout the year and emphasized the company's 8% to 10% of revenue guidance.
This story was previously shown Bahati.com
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