From CNBC: 2025-04-17 12:50:00

American Express reports continued strong spending by affluent cardmembers, with a 6% rise in billed business on AmEx cards in the first quarter. Younger customers are driving growth, with millennial and Gen Z cardholders spending 14% more, while older generations show more caution.

Chief Financial Officer Christophe Le Caillec notes that despite stock declines this month, spending trends have remained strong into April. The company’s wealthier customer base may help insulate it from concerns about tariffs and inflation, contributing to AmEx’s first-quarter profit exceeding expectations.

While Synchrony Financial warns of a spending slowdown, AmEx remains stable with spending trends showing durability. However, airline transactions grew only 3%, a decline from the fourth quarter. Despite uncertainty around tariffs, AmEx maintains revenue growth guidance of 8-10% and earnings of $15-15.50 per share for 2025.

Le Caillec highlights a promising 8% increase in restaurant spending, indicating confidence and strength in AmEx’s cardmember base. The company’s guidance remains firm, though with the new caveat “Subject to the Macroeconomic Environment.”

Read more: American Express cardholders still spending despite Trump tariffs