"Chief Executive Steve Squeri hailed millennial and Gen Z Platinum members as "very comfortable paying for its exceptional value and highly engaged in the product," underscoring the company's successful push to attract a new generation of premium customers. The company posted net income of $2.9 billion, reflecting a 16% increase over the prior year. Earnings per share rose 19% to $4.14, topping analyst estimates of $3.99."
"American Express attributed its success largely to strong card spending across categories and deepening engagement among younger affluent cohorts. Millennials and Gen Z now account for 36% of total card member spending-on par with Gen X-and are making 25% more transactions on average than older customers. The group's appetite for premium products has reinforced the company's reputation as the go-to brand for upscale consumers seeking quality benefits and experiences."
"Moody's Analytics found that for the second quarter of 2025, the top 10% of households accounted for nearly 50% of all consumer spending-and consumer spending in the U.S. accounts for two-thirds of all economic activity. This bifurcation is appearing all over the economy, with Federal Reserve Governor Chris Waller telling CNBC earlier this month that CEOs are sharing stories of a disparate tariff effect, with premium producers passing through price increases directly to their "prince-insensitive," affluent consumers. "It's about a 40% pass-through," Waller estimated."
American Express reported net income of $2.9 billion, a 16% year-over-year increase, with earnings per share rising 19% to $4.14 and revenue up 11% to $18.43 billion. Growth was fueled by strong card spending and deeper engagement among younger affluent cohorts, as millennials and Gen Z now account for 36% of card member spending and make 25% more transactions on average than older customers. Demand for premium products reinforced American Express's position among upscale consumers. Broader economic trends show wealth concentration enabling premium producers to pass through price increases to affluent buyers.
Read at Fortune
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