American Express sees record member spending

Breakdown

• American Express exceeded profit and revenue estimates, driven by a 20% jump in card fees. 13s
• Spending on goods and services remained strong, while travel spending slowed, especially in economy class airfare. 25s
• First and business class airfare spending rose by 10%, while economy class remained flat. 40s
• Gen Z transactions increased by 39%, reflecting both higher spending and successful new card sign-ups. 50s
• Restaurant spending was up 8%, and overall consumer spending growth remained steady. 1m 41s