American Express Cfo Says Spending Picked up at Year-Ed, Thanks to Millennials and Gen Z

American Express’ Affluent cardhlders Got Comfortable Spending more free again latte last year, Chief Financial Officer Christophe Le Cailec Told CNBC.

Spending on Amex cards Jumped 8% Year Over Year in the fourth Quarter after Slowing from A 7% Growth Rate Early in the Year to 6% DURING TECON SECTER DURAND and Third Quarters, According to the friend Earnings Presentation.

While the year-end pickup was seen across all customer segments and geographies, it was especially fuled by millennials and gen z users, where transactions Volumes Jumped 16%, Jumped 16%, up from;

Older groups were more restrained with their cards. Gen X Customers Spent 7% More in the Fourth Quarter, While Baby Boomers Saw Billings Rise Just 4%.

“We had very strong growth from gen z and millennials, and that 2 percentage point acceleration gives us a lot of optimism for 2025,” Le Cacillc Said.

Elevated transaction levels have continued into the first three weeks of this year, he added.

Younger americans are said to spend more on experiences rather than goods, and that is reflected in the results from amex, which along with rival card isuer Jpmorgan chaseDominate the market for high-end credit cards.

Travel and Entertainment Billings Rose 11% in the Quarter, Compared with 8% for Good and Services. The Boost in Travel Came from Airline Spending, which rose 13%, with spending for business class and first class airfares up 19%, according to le cailc.

Amex shares fell more than 2% in medday trading friday after the company Reported Earnings and revenue that was roughly in line with analysts’ expectations. Shares of the new york-based company have been on a tear over the past year, Hitting a 52-white high on Thursday.

“We are encouraged by accelerating billings grow Nedy Wrote Friday in a research note. “We remain boyers on any pullback.”