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American Express Wealthy card holders felt comfortably free expenses at the end of last year, financial director Christophe le Caillec said CNBC.
According to the company, AMEX cards expenditure jumped 8% year -on -year in the fourth quarter after release from 7% growth up to 6% in the second and third quarter profits presentation.
While the reception at the end of the year was observed in all segments of clients and geography, it was particularly driven by millennials and users of Gen from, where transactions volumes increased by 16%, compared to 12% in the third quarter.
Older groups were more restrained using their cards; Gen X customers spent 7% more in the fourth quarter, while the demographic boom they noticed that Billings increased only 4%.
“We had a very strong increase from the generation from the first millennium, and this 2 -point acceleration of the percentage point gives us great optimism at 2025.” Le Caillec said.
He added that increased transaction levels lasted until the first three weeks of this year.
It is said that younger Americans spend more on experience, not goods, which is reflected in the results of Amex, which, along with the competing card Jpmorgan chase Domest the high -class credit card market.
Travel accounts and entertainment increased by 11% in this quarter, compared to 8% for good and services. According to Le Caillec, the increase in travel comes from airline expenditure, which increased by 13%, and expenses for business class and first -class airports increased by 19%.
Amex shares fell by more than 2% noon on Friday after the company Reported Earnings and revenues, which were approximately consistent with the expectations of analysts. The shares of the New York company have been over the past year, reaching a 52-week level on Thursday.
“We are encouraged to accelerate the increase in bills, because we think Amex will be a key factor in achieving the aspirational goal of at least 10% increase in revenues,” Analysts William Blair led by Cristopher Kennedy wrote on Friday in the research note. “We remain buyers at every withdrawal.”
